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Well, it seems that pretty much is all it does. Plus a touchscreen, and the 'usual' Zen extras - (micro-SD) expansion slot, FM radio, built in speaker and microphone. And they seem to have done away with the ridiculous Wi-Fi feature, which can't be a bad thing.
I like my Zen X-Fi1 so I'd probably be interested in it myself, if it had 64GB. With the new 64GB Sony (apparently) round the corner, I'll probably go for that instead.