ONDA VX848, probably the best cheap mp3 player

The VX848 has a 2.4-inch QVGA screen, that's the same screen size than Zen Vision:M or Ipod Classic.

The design is pretty nice and the player is ultra-thin 10 mm.
On the audio side it can play MP3, WMA andWAV files, meanwhile on the video side the ONDA VX848 is quite a powerful movie machine; handling DivX/XviD video at 24 FPS.
Moreover it got FM radio, games and support JPEG Photo View

The price of this player was recently released for this player, at 449 CNY (approx $60 USD) for the 2GB model. This model will hit shelves in China next week, hopefully we can see it on European and American stores soon