I still love my Muvo. For what it is, and what it does, it's great.
It fits in my pocket for lunchtime walks, and is easy to control while not looking at it. The sound, (in car via my FM transmitter or on walks), is just fine. (As I've said before, I'm no audiophile.)
For listening to podcasts, it holds maybe a week's worth of listening. I don't use it for music too much, but I'm guessing it'd hold 2-3 albums (20-30 tracks), the way I have my stuff ripped.
The track-ordering thing is a bit of a drawback, but I've worked out a decent workaround. I copy all the stuff I want to listen to to the root directory on the Muvo. I then create subdirectories named '1', '2', etc., and move the files into those directories one at a time. In the case of a series of files that I want to listen to in order, I drag them in reverse order (10, 9, 8, etc.). Then it seems to work out okay. (Actually, to be more precise, it seems to then play the tracks in order by directory, and play the tracks by name within each directory.)
This last time, I've started putting short podcasts into the first dir, meaning that my next commute will give me a bunch of shorter segments (that tend to be timelier material). The next dir holds new stuff that I've found lately. The third holds things like TWIAR and IT Conversations, that are regular things that I listen to that are longer (usually 60-90 minutes). And the fourth holds big things, like books or Ensign magazine series. Nothing magic, but it has made it a bit nicer knowing what's coming up next.
It does seem to lose my place every rare now and then, but its progressive fast-forward makes that a minor nuisance rather than a big deal.
All in all, it's a toy I'm glad I bought.