It doesn't seem to keep its place in audio books as well, but at least there is a small display, so it's easier to find one's place again. We paid less than R1100 for it, which is more expensive than an iPod Shuffle, but not as pricey as the iPod Nano. Another plus is the use of AAA batteries, since we have a battery charger so we can use rechargeable AAA batteries.
One other difference is the weight. It's much heavier than the iPod Shuffle, and it is uncomfortable to wear around your neck when it bounces around. So you have to wear it under clothing, or attach it to your belt. And the strap is white while the rest is black, which is a bit silly.