Since we don't know anything about this keychain-esque DAP, we're left to guess based on the interesting ad, with its repetition of the "circle + square" tag. Is it a lost-in-translation attempt at our "square peg in a round hole" idiom? A nod to the design of the gadget itself, which is, in fact, a circle combined with a square? A hint at the future aesthetic of Cowon's players (which have certainly been more attractive lately; compare the blocky utilitarian square of the D2 with the sleek curves of the S9)?
I personally hope it doubles as a USB drive—I really miss the design of the first iPod Shuffle and the Sansa Express, low-profile DAPs with built-in USB. That was so convenient! But we'll have to wait for a real announcement from Cowon to figure out what's going on here. [DAPReview]