Of course, it fully depends on your personal needs. If you're happy with a basic MP3-player that's super-pocketfriendly, iPod (rev 1, 2 or 3) is the way to go.
Bear in mind though, that the iHP-100 is hardly any larger or more heavy than Apple's "precious". With this one, you've got everything an audiophile's gonna need (minus the Flac and Ogg-support), only its' pricetag is subject of critisism these days. Some ppl say it's highly overpriced, but when you would equip an iPod with all additional features found on the iHP-100, pricetags would be about on par.
As someone said b4: the SonicBlue Pearl is also a nice alternative, as is the Philips HDD100 or the Samsung YP900GT (though the latter one is postponed till September... omg, not again).
Problem is that they all have something unique about their precious little selves. iHP-100 has the ability to cut persons in twice with a flashy laserbeam... eh... and to connect any device to its' nice optical in and -out, whereas Pearl will come with the dockingstation + RCA jacks, and although the Samsung YP-900GT has neither of these feattures, its is able to transmit through FM-frequencies.
Choices, choices, and it ain't easy as far as HDD-players are considered. If it helps you out, I've balanced iHP-100 and HDD-100 from "neutral" perspective, and they respectively scored 77% (iHP) and 80% (HDD-100) but that's just lame previewing.
In between all of this, there are players like Bantam's BA-1000 with rather low capacity but high-end features (encoding mainly), so keep your eyes wide open and... smell the coffee.
So maybe kill the time with a really kewl old MiniDisc-player until some of these HDD-players come available, otherwise: iPod's ok for most mainstream-ppl.