Dapreview has posted a review of the MX-700 from Korean manufacturer M-Cody. It is however only available in Korea and retails for $ 119 for 256mb, $ 139 for 512mb, $ 179 for 1gb, and $ 260 for 2gb. It has a 1.1 inch 65k color LCD and supports a wide range of formats. It has FM Radio with recording and supports Voice / Line in recording.
There is a lot to like about the M-Cody MX-700. It has a nice look, great feature set, bright screen, and solid sound quality. The problem for the MX-700 is that there are so many other players with similar feature sets from more established DAP companies such as Cowon and Samsung. I would really have a hard time recommending this over those other players.