I have the previous model, the H140, and a few others on the board do as well. I think the general concensus is that it's a great mp3 player, with a few minor irritations. It's full of great features but takes a while to get the hang of compared to an iPod.
I think it's important to compare the features of various players and ask yourself what you really need. I wanted an iPod, but after hearing about iRiver on this board I did some research and found their players to be more "techy". They allow you more control of what you can do with it, while the iPod is designed to look great and play music easily (especially music you buy from them.
I recommend reading the
MisticRiver board to see what they have to say about the H340. It was a valuable resource when I made my decision.