I acquired the same unit using credit card points. The unit is small, good for apartment size environment. WAVE 2 can handle MP3 format. Similar to YAMAHA's sound bar technology which simulates surround sound reproduction.
There is an ipod unit that is specially make for the WAVE2 radio/CD unit and provides remote control features for the ipod. It looks exactly like the ipod charger but with a remote sensor build in to operate the ipod unit remotely. Make by Apple and blend in well if your choose white colour unit.
Spending cash on WAVE equipment is expensive, getting it from accumulated points make sense. Keep in mind that the sound reproduction is simulated stereo but it actually did a pretty good job. I am contend with the quality of sound and for those only listen to MP3, MP3 content is compressed audio from CD disk, yes I know there are compression that can keep it NEAR CD quality, but still not full signal reproduction. So if you consider CD versus compress CD(MP3) quality, the difference in quality for measurement is awash.
The CD changer which hold 3 CD is an option, expensive and I did find it useful for just keep playing CDs for a few hours, doing similar things as MP3 disk which can take a lot more audio tracks than a regular CD disk. If all your disks are in MP3 format, than you have a total of four MP3 disks to entertain.
e-hk