I actually have the Pink Zune and think it's fun to use. I like it except for the fact that you can only use it for the radio (built in FM tuner), MP3 player and you can store photos. It does have the capability of watching movies but we haven't found a good program to put our movies onto our Zune. Hopefully they will be able to strike something up so we can get show and/or movies.
The pluses are that it has the built in FM tuner, you can pay 14.99/mo for unlimited song download, that will work as long as you pay the fee. They will let you upgrade the files if they have upgrades, the biggest upgrade is because the new Zune has come out and now you can wirelessly sync the Zune. Unlike the iPod, the Zune software works awesome on Windows. The buttons are nicer than the scrolling wheel.
The minuses are since people are all iPod and not for Microsoft that you can't get TV shows or movies for the Zune, there aren't a lot of accessories out there for it. It's a little bigger and heavier than an iPod,
Overall I really like the Zune more than he iPod, once they are able to get movies and TV shows, I won't go back to the iPod.