I'm interested in the new Nano and wanted to know how the sound quality and reception is.
TIA.
Both are quite good, actually; the reception is on par with, or better than, most portable radio receivers in ideal conditions. It won't work well deep inside an office building, where FM radio waves tend not to penetrate; otherwise, it's decent overall.
The iTunes Tagging info appears as advertised, provided there are radio stations in your area that broadcast iTunes data. In my (not-so) metropolitan area, there are only two.