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Sounds like a good deal as I use a Toshiba Gigabeat mp3 player with the open source Rockbox operating system (also available for other players) which I highly recommend.
Traditionally I have usuallly bought CDs so as to have a permanent hard copy, but recently have tried something different.
You can buy a pack of 5 recordable DVDs for only few dollars. Since in 126 kbs mp3 form you can put about 12 CDs on to one CD, you can put about 80CDs onto a single DVD disc as a data disc, thus 400 CDs onto a set of 5 DVDs as a backup for about $5.
I have done this and then sealed the package to be used in emergency. But the real significance of this is that probably that long after I am dead my heirs and descendants will have free access to a collection that includes all the significant music of the big band and swing era, the 100 best jazz albums of all time, and the 50 or so best blues albums of all time.
I also have a collection of over 100 BBC radio shows featuring musicals, film, and dance band music which may also be of interest to future generations.
Others will have fantastic collections of rock and rap to pass on to their heirs. Now that we are in the digital age, music will never be the same again.