I picked it up and works like a charm. Here are some of the highlights:

1) Works only on the new generation iPod
2) iPod software v2.1 required
3) Supports CF (1, 2), SM, SD, Memory Stick & MMC
4) Apple store price: $99

But here's a full review:

So, again it worked well the first time out. It requires four AAA batteries but Belkin included them in the box. I took a few shots and saved it on my Compact Flash. Updated my iPod since it wasn't up to 2.1. Put the CF into the device and plugged in the iPod. Selected Extras > Photos > Import Photos > Import on the iPod. (The photo menu only shows up when the reader is connected). I ran a few tests and every once in awhile the iPod connection had to be re-established. But it always worked.

TRANSFER
It terms of transfer time from CF to iPod, my tests came out to about .3Mb of data a second. (THIS IS A CORRECTION. IT DOES NOT TRANSFER AT 3MB AS PREVIOUSLY NOTED.) I tested both photos as well as video I shot with my PowerShot S400. The transfer time from iPod to PowerBook...well, it's Firewire...it's fast.

PRICE
OK, maybe $99 is expensive for some plastic, Firewire cable and card interfaces, but knowing that I no longer need to carry around my laptop just to transfer files is worth it. For professional digital photographers on several days of shooting or for the casual photographer on vacation, the convenience is priceless.

NOT PERFECT
The reader is physically clunky. There's a short Firewire cable that comes out of the case instead of a cradle or slot that snuggles your iPod. You would need to set the iPod and the reader down as you put in your CF (or other media). I suppose one could conceivably rubber band the two devices together and carry it inside their photo vest. OK, I just tried it and would suffice. I'm sure the next version would improve its aesthetics and functionality when the two devices are together.

A few shots I took during the testing: