There are 2 versions of the e200 series, I owned the first version, an e260, the sound quality was mediocre without Rockbox, with rockbox it improved, but still not in the same zone as the clip at all. The second version of the e200 series has some different internal components, it doesn't support rockbox, don't know about the sound quality.
Your best bet is to buy a Sansa Clip or wait and buy a Sansa Fuze (which is Sandisk's replacement for the e200 line it seems), since the Fuze reportedly has the same sound quality as the Clip, which is the best I've heard on an MP3 player personally.