We've already seen pictures of the third generation of Microsoft's Zune portable media player product line, and have concluded that the real changes are to come in the software and firmware, and not so much the hardware (which on the outside appears to be identical except for some extra gloss). Zune 3.0 consists of both 16GB and 120GB flavors, Zune 2.0 consisted of the Zune 4, Zune 8, and Zune 80, and the first generation was just the original Zune 30GB. Rumor has it that the Zune 120 will be priced at $250, which is the current price tag of the Zune 80.
The above screenshot of B&H Photo Video's online store also reveals that there will be new colors for the Zune 8 (well, blue at the very least), and that it will be priced at $150 (it's currently at $180). Meanwhile, a Wal-Mart worker has reportedly revealed that Microsoft will be killing the Zune 4 and Zune 80: "There is no longer a shelf label for the black Zune 80, and it’s listed in Wal-Mart’s database as NRPL (non-replenishable). That means Wal-Mart can no longer order the black Zune 80. The Zune 4GB player is also showing up as NRPL." 

Source: One Microsoft Way