I'm a huge minidisc fan, mostly because of the audio quality and outstanding battery life (24 hours) I get from my MZ-N710, but lately I've been thinking about a hard drive-based player as well.
Never an Ipod. Propietary battery, not even user-replaceable, battery life that may see you 6 hours after a year (bad for me as I do lots of long-haul), and no equaliser built-in. Apple is selling a gimmick, in my opinion, but kudos for them for starting the revolution (they usually do!).
I've searched high and low and have almost settled on two possible options: Cowan's jetaudio iAudio M3L (see review here:
http://www.the-gadgeteer.com/jetaudi...er-review.html) or the Sony NW-HD1 (or the newer HD2 that is out - no longer need the base). A review of the HD1 can be seen here:
http://www.the-gadgeteer.com/20gb-so...an-review.html
The iAudio looks pretty good - the M3L can do up to 35 hours according to the specs, but that's probably a bit unrealistic. Let's call it about 24-27 to be safe. The HD1 is about the same, but with the Sony you're converting to ATRAC format. However, there is a rumour floating around that Sony may, as of early 2005, allow a firmware upgrade so their existing players can play mp3s directly.
Anyway, hope this helps. Be sure to let us know what you decide!
EDITED TO ADD: both have built-in equalisers as well.