I looked into this before, and actually still a fence sitter at the moment.
For me, its between IMP400 and Panasonic CT-800. Read through Tina's report about the bad headphone out on the Pana CT-800 and I went to some stores to check it out... I found that its actually not THAT bad to my ears.. it wasnt MD quality, but its not like the Iriver is either, with its "Hiss" problem. (No hiss on the Pana). But no heavy bass either
With that being said, I think if I become an Audiophile later i can still use the CT-800's line out (identical to the 470/570 quality from Tina's report) and use an amp. It also have a optical out too. The Pana also have a riduclously long battery life (120 hours). thats 500% more then the Iriver.
IMP400 has seems like it has alot of features, and firmware is upgradable. Its a big plus, and its got the radio too. But I wonder if I will keep my player so long until .wav and .mp2 are extict. Afterall, its 15 years since CDs are out, and not like they are going anywhere.
So in the end its still a toss up. with the IMP400 at 22,800 yen here and Pana about 16,000 yen, and IMP350 17,300. I think Panasonic CT-800 is a pretty good deal. Now if I can just get over the fact it has no radio..... (my last CD player was Sony Discman's first model of AM/FM/CD player forgot the model.... anyone remember what it is? you guys think its good? Still have it, but the adapter plug is loose...)