I just bought this at full price yesterday and was searching for reviews on it. I came across a link that Bits Du Jour has it for 50% off today. I like it as it will allow me to convert my playlists to mp3 and use with a Sony Wearable MP3 player NW-WS413. That way I won't need a device in my pocket and it works with playlists. So, I'll be enjoying my tunes on an old iPod and at the B-Ball Court or on the treadmill.
Essentially, this is an automated recorder and works with existing streaming software (not mentioning names - but it should work with all - google it).
The Sony wearable looks pretty cool if you can find a deal on it ($50-$65) includes 4GB memory. Except there are other models that include bluetooth and more memory available and coming soon.