Not really having a preference for either the iPod or Zune, I can say that honestly this 'new' Zune does not really make me feel any stronger desire to purchase it. Microsoft wants me to buy their product and not Apple's? Undercut the competition, and slash your prices like mad, that'll get me (and many others) flocking to your Zune.
To me it seems it really only will cater to hardcore Microsoft/Halo fans, and I'll bet there are already a fair number of those who have purchased a Zune already.