There aren't many details on the iRiver teaser site, but from what we can make out, this "Life Unit" will have DVD, TV, PMP capabilities, WAN/LAN connectivity (Internet streaming?), slot loading CD/DVD inside an auto-sliding door, an SD slot and will act as an access point/charging station for other iRiver players.
In addition to that there's a 78-key QWERTY base unit controller that also controls the portable unit (which docks into the base unit, presumably). All this cockteasing is really annoying, iRiver. Let's have it already.