Apple is cool, the iPod is cool, and U2 is cool, so you'd think the U2 iPod would be cool. But I think it's a bit silly compared to the other iPods.
1. Price: It's only a 20 GB iPod, but it costs more than the regular 20 GB. In fact, it was $350 when it first came out, and it's still $30 more than the regular 20.
2. Look: Black is cool, but the red click-wheel looks kind of weird. If the wheel had been black or dark grey, it would have looked better.
3. Extras: So you pay $30 for some iTunes coupons? Not worth it, unless you're a huge U2 fan. There are plenty of cheap or free ways to get all those songs, and if you're a big fan, you probably have the CDs anyway.
So like jiv3turkey748 points out, it's $30 for some engravings on the back and a different colour on the front. Heck, I'd buy the white iPod even if the U2 one cost less.