Preloaded content... this is just pretty annoying, no? It's like buying a walkman and getting a CD full of crap music to boot. Yes, it's "extra," yes, you can get rid of it. But that's just one more thing that doesn't add to the product.
Oh wow, wireless, you can beam stuff. Big whoop, that's not the primary function anyway. And sure, the software makes a big difference, but notice that the pics have these unnecessary backgrounds on them? Why? Probably, you can change those, but this reminds me of that "If Microsoft made the iPod box" video in which they package the iPod with all this junk (a rebate cupon ad, some guy jumping as the "human element"...). The controls look uncomfortable.
But I must say, the general failure of the Zune is obvious - the device is, for the majority of potential buyers, obscure. The iPod is well known and furthermore, well-liked by many, even those that have had to deal with breaking iPods. The Zune is not simply awkward, obscure, and in some cases, brown, but also rather uncool.
Theoretically, an iPod killer would combine an excellent online music store with an excellent music player. NOT, simply making a music player like any other on the market and synching it with an unknown fledgling music store. Microsoft simply needs to do much, much better to catch up to the iPod, and adding wireless features as an extra or having preloaded content doesn't add enough to make up for the gap in the strength of the basics. If the Zune were touchscreen and had sufficiently intuitive controls, for example, it'd be much more attractive than "hey guys, same deal as before, only with wireless and some other crap you don't really need!"