First of all I need to have at least 1gb storage, but more than 4-5 gb is pretty useless and waste of money to me.

I want a small one that I can strap around my arm and am considering
Ipod Mini (but it's ugly as hell, and only 8 hours playtime, which is a bit short...)
Creative NOMAD?; MuVo2

Packard Bell has something interesting.
2,5 or 5 GB
Supposedly smaller and cheaper than ipod mini?
Also has radio and voice recorder
Supports MP3, WMA

Archos Gmini SP 20 - 20GB MP3 is the best choise I've seen so far though.
20gb
USB 2.0
MP3, WMA & WAV
Batery lasts 10 hours
244 gram
Cheapest one I've seen!
The only problem is that it don't seam to have an arm-strap?

iRiver H340 also looks kind of promising.
40 gb (too much....)
MP3, WMA, and even OGG Vorbis (that I like. if only it would support mpc and ape as well)
Also shows BMP and JPGs, but that's completley unnesserary IMO.
Color display (also kinda unnessasary)
200 gram
Batery lifetime 16 hours
radio
probably more expensive.

Sony NW-HD1 is surley the wetest dream though, but it's horribly expensive, double the price of packard bell's.
Damn fine design, and very small
MP3/WMA
Batery lifetime more than 30 hours!!