Surprisingly, it's priced really well this time (Apple's moving in the right direction!).
But like logisticprism said, I was put off by the lack of a screen too. Apple is pushing this as a player that you just use to listen to songs in a linear or random order (hence the name "Shuffle").
If you're looking for a small 512MB/1GB flash player, consider the Creative MuVo Micro N200, which has a small screen (and comes in 8 different colors, if that's of any interest to you)
# Holds up to 16 hours WMA or 8 hours MP3 music
# Line-in connects directly from any audio source for music recording
# Built-in mic allows recording quick notes or lectures
# USB 2.0 connection transfers songs from your computer in seconds
Also has an FM tuner, USB Mass Storage support (for drag-and-drop in Windows Explorer), and PlaysForSure support (syncing with WMP10, and Janus DRM support).
It costs a little more (between $119 and $129 for the 512MB version, depending on the color, on Amazon), but the screen and other extras are worth the small difference, in my opinion.