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Hi all,
I have planned to buy a flash-based MP3 player below $200. Guys, can anyone suggest a good MP3 player, which has many features and good sound effects. Memory can be below 1GB.

Thanks

I'd suggest the cheapest MuVo you can get that packs all the features you want. They're all the same in sound quality. I myself got the MuVo V200, because I wanted 1GB of storage and an FM tuner.

More info here.
(If you're planning on buying it in a real-life shop, click on "Worldwide Country/Region Selector" in the top right corner first, because not all products will be available in your country.)

Gone through the link. Cool. How about Apple iPod?

Wouldn't reccommend iPods. The battery dies after about a year, you can't recharge it, and to replace it costs about the same as a new iPod.