50 bucks? I dunno....
I have a Panasonic SL-CT800 which is sweet and like neckbone's, plays MP3s. But, it's a pain in a lot of ways. 1st, you're still dealing with lotsa CDs, and burning those MP3s to CDs. You can get about 120-150 MP3s on a CD... but it's nothing compared to an iPod. It's also $150 US.
I misplaced my iPod but that was the way to go. Something like 10,000 songs, and all you do to update the songs is plug it into your computer (it looks at your song folder and updates accordingly). Great interface, and it can also serve as a portable 20 gig hard drive. I think I paid $600 Canadian for that.
My ex had a Sony MD MP3 player and it sucked. 'nuff said about that one. More than 50 bucks though.
I haven't looked into them in a while - maybe there are cheaper models. If you find 'em I'd be interested in hearing about your experience.