I have that MD player, got it almost 3 yrs ago. It kicks ass, if you have a comp with optical out, you keepthe music digital. Sound is great provided you buy better earphones than the included ones. And for $3 per 74 mins disk, you don't have to erase and rewrite all the time. The only disadvantage I see is short battery life on the internal battery (~4 hrs), goes up to 12 hrs if you use the external battery but it makes it bulkier.
All in all, even after 3 yrs I still love my MD
-Ice