3rd Gens had an EQ also. The biggest problem with iPods, and all MP3 players for that matter, is that you need to use your home PC to add any new media (legally downloaded or imported from other media), and thus listen to it. If I take a 2 week trip to China I can't listen to any new CDs until after I get home and forgot why I bought them.
The answer is obvious: Buy a $9 Durabrand PCDP at Wal*Mart and keep it in your car (or travel luggage), then spend your $290 savings (over an iPod) to buy more music.