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).