This seems pointless and yet brilliant at the same time, somehow -- iPhone Savior has concept pictures of the iPod shuffle extended out into a bracelet. You can already find lots of straps and wristbands for the shuffle, and with that clip on it, it's designed to be jewelry anyway, so why not carry the premise out to its conclusion, right?
It's almost perfect, and yet weird enough that Apple would never go for it -- they'd much rather make the hardware, and leave the straps and hooks to third-party vendors, I think. Still, it's an interesting idea. What other kinds of jewelry could include the smallest version of "the world's most wearable" mp3 player? A shuffle necklace? Shuffle earrings?