With Rio throwing in the towel recently, the writing's likely on the wall for Creative as well. The Nano should seal the death warrant, unless some serious new investors can be found - Creative have been haemorrhaging cash trying to compete with Apple on price and features, despite not having the economies of scale and market clout. They've failed to make much of a dent even with this strategy - Apple's still recording something like 75% of the market on new player sales.
And then Apple throw this thing into the arena. A smaller, much more reliable flash memory based recorder with the same market leading interface, pitched at much the same price. It's doubtful Apple's making anywhere near the same amount of profit on these things as the mini (flash memory costs much more than hard drives), but it's a confident step gambling on staying ahead the market. Creative can't continue to keep playing catch up for too much longer - it's becoming a niche brand without the distinguishing qualities.
Sony's gearing up its big guns too, so it's likely to be a shoot out between them, Apple and the mobile phone operators if you ask me. Interesting times...