The MP-501 is powered by an ARM Cortex-A8 processor and it seems to be compatible with seemingly every major media file, including MP3, WAV, WMA, FLAC, OGG, AC3, JPEG, GIF, TIF, BMP, PNG, AVI, MPEG, VOB, MKV, as well as playlists and subtitles. Supported drive formats include FAT32, NTFS, and HFS+.
The front has an SD card slot and a standard USB 2.0 port, allowing you to attach portable storage devices, while the rear is populated with HDMI and composite audio/video outputs, as well as a mini USB port. There doesn't seem to be any network connectivity, but that's forgivable with a $49 price tag. No word on when or where it'll ship.