If you’ve been in some quiet anticipation of some pricing and release time frame for that new iAudio U5 MP3 player from Cowon your wait is over. Our buddies over Crave have caught wind that Cowon America has went ahead and already started shipping the U5.

The player is available in a black 4GB model and a white 8GB model for $119 and $159, respectively. Unlike most of Cowon’s stuff, this one lacks some of the frills you’ll find in many other competitors, but it does house a 1.8-inch TFT LCD (no video playback, audio only), an FM tuner that can be recorded, an equalizer, voice recorder and alarm clock.

If you want to get a better idea of the players functionality you can check out Cowon’s video after the jump:

Cowon iAudio U5