My sister has a
H140, and it looks absolutely gorgeous in real life. I prefer this over the ipod, mainly because of the recording functions and FM tuner..plus, it's in black, and the whole U2 thing is just a bit over the top for me.
Some pros...well, it's solid enough, it's not something that'll break easily. Drag and drop function (ipod has this via third-party as well I think), very nice back-lighting, nice interface when browsing tagged files, solid battery times in my experience and good EQ settings (including SRS WOW sound effects).
The cons...you'll need to ditch the case, it's a horrible fake-leather combination. Not everyone likes the navigation system, which is sort of like a little joystick, and is a real pain flicking through the menus. The drag and drop function is neat, but when actually tagging the files using id3v1/id3v2..it can get a little complicated. It's not like as if you can just let itunes manage it all (but that might be a good thing, depending on your stance).
The thing is, i'm not sure if you can compare the newer H320 model with the ipod 20gb, since they function very differently. There's also creative's zen touch as well, which has recieved quite a number of good reviews. In the end though, it's up to you which design you go for