It looks like an amalgamation of the mini and the classic white iPod. It's about $100 cheaper, and sports 25% longer battery life. Provided it's available in large quantities -- I'd imagine it will be a home run for the holiday season at the end of 04. Check it out at http://www.apple.com.
There's also an article at http://www.msnbc.msn.com/id/5457432/site/newsweek (Steve Jobs and the new iPod are on the cover of the new Newsweek)


(We need an emoticon with white ear buds! LOL)