Dear Bill,
You've been copying design cues from Apple for a while now. Your new operating system, Vista, looks suspiciously like OS X, and now you're launching your own proprietary player and music system, Zune. Take a look at the colors of Apple's iMac and iPod offerings through the years though - do you see brown anywhere?
You also offer the player in black and white, which is great since the only people who might buy the brown are hipsters with "Don't Mess with Texas" belt buckles. The control interface won't make anyone forget about their iPod, but the 3 inch LCD screen is nice. The included wireless definitely interests me. I can share tracks with a friend, and they can listen to the track three times in three days. I'd normally just rip to MP3 or lend my headphones out for a few minutes, but I can dig the technological approach. Your service offers song purchases and a song rental scheme. It would be nice to know if you can sync music up over the wireless link, but you didn't really say. I also think it's great, in a Dr. Evil sort of way, that your player will import purchased iTunes tracks. Way to give the Apple fanboys a means to switch!
The FM tuner is nice though commercial radio sucks, which is why I have an MP3 player! I don't know why your player is limited to 30 GB - I have an iRiver with 40, and Apple just announced an 80 gig monster. It's good that you'll be introducing an accessory pack that lets people play their Zune in the car or stream it to a home stereo - with all the iPod accessories out there you have a long way to go but at least you have some gadgets out the gate.
More thoughts and pictures after the break

So when can I get the Zune? You announced the product, but didn't say the price or availability outside of a vague "holiday season". I'm not sure I want one, but I definitely dig the spectacle of you screwing over your PlaysForSure partners like Napster and Rhapsody by introducing your own scheme. At least your iTunes cannibalism feature doesn't accept their files, but then I can't use the Zune player with other services, so I guess I'd just have to cancel my Rhapsody account?
I also keep hearing rumors that the Zune will be part of your "Live Anywhere" initiative, so I could stream the files from my player to the Xbox 360, or something like that. Granted I know 50 people with an iPod and only about two with a 360, but I do enjoy it when gadgets form together like Voltron. Also, bundling the player with songs and videos from Sub Pop, Ninja Tune, and Astralwerks definitely shows you know how to be hip - after all, that Gorillaz track that Apple keeps playing is so mainstream at this point. So thanks, Bill - it will take more than cute viral ad campaigns to pry people from their iPods, but things will definitely be interesting when the Zune officially drops.