I too have been wanting this for a while. Very good news. I don't mind the size and semi-ugliness given what it does.
The only thing that could be better would be a direct link to the camera if somehow the iPod software was smart enough to "mount" the camera like OS X does. That would truly rule. Until then, this Belkin thing is awesome.
Having said that, in some ways the Belkin thing is even better than a direct link. This way, if you're a pro with an assistant, you can keep shooting while the assistant is downloading to the iPod (assuming you have multiple cards).
cc - that's not gonna happen anytime soon. I don't know why people want iPods to be super ultra swiss army knife gadgets - they just do one thing with a few little extra's. It looks like apple is branching out in terms of the iPod with these new accessories - but don't be fooled, Steve Jobs has said hundreds of times that the iPod will never be a movie watching device, it is a music player. I think that the next thing that comes to the iPod is a new screen maybe - one that draws less power and gives a better picture. Apple is rumored to be working on Organic LED's, and hired a few OLED knowledgeable engineers a while back - If anything I think what apple should do is give the iPod a better battery life - right now it is fairly poor.