For comparison's sake, Amazon is selling the 20GB iPod for $399. Using your estimate, that means that Amazon.co.uk should be selling it for £235. It's actually being sold for £289.

It's the same in Belgium : a 20gig iPod costs 449€ at the Apple store here. According to XE.com, that's $529 !!
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Riocar 80gig S/N : 010101580 red
Riocar 80gig (010102106) - backup