iPod + FM radio = FMiPod?

Just the fact that the price is sooo low! I'm sure the speakers are about as good as speakers in a '71 Pinto, but this is a neat gadget. What would increase the neat factor would be a way to record the FM/AM radio signal to the iPod, even at the measly 32kbps. Maybe v2.0?

Lust rating = Want it (to play with)