The Ultra 8-in-1 looks like a slightly oversized memory stick, which I think is a big improvement over the two piece design of the Creativ Nomad. It also accepts MMC and SD cards and they tuck in the back so there's no memory cards "jetting" out of it anywhere.
A friend of mine just got one of the Nomad memory stick deals. What a piece of crap. Two piece, can't recharge the battery via USB, small screen and it cost over $100. 🙁 It doesn't even sound good. Not very loud and the audio is very tinny. It makes my Ultra 8-in-1 look like it's made of gold in comparison.