Nano just added FM radio, something zune has been having for years, me too, me too, copy, copy, that makes no meaningful argument.
Prior to the HD model, Zune had one feature before the iPod line added it. And it was a gimmicky, mostly worthless feature. Woohoo.
Seriously people. Everything that the Zune has that the touch doesn't have doesn't matter to the average consumer:
OLED? As I said before, the average consumer probably has no idea what OLED stands for.
HD video output? Sure, but you've got to buy a $90 dock to use it. So you're spending about $300 to use your Zune with your HDtv. Why not just buy a Blu-Ray player for $200?
HD radio? Another gimmick. And a misnomer gimmick at that. When the average consumer sees "HD radio" they think "hi-def radio". Nope. The HD actually doesn't stand for anything anymore. Sorry.
When it comes down to it, the average consumer doesn't think "MP3 player" or "PMP" anymore. He/she thinks "iPod". What kid asks for a Zune for his birthday or for Christmas? I can't think of any. They all ask for iPods. And when they get a Zune, they say, "Oh, I guess this is alright..."
The fact is, Apple owns the MP3 player market. The Zune HD isn't even goign to make a dent.