On the eve of Apple’s virally-hyped “Let’s Rock” showcase, Microsoft have announced a re-vamp of their Zune media player line. Traditionally an underdog to the leading iPod, the new Zune is coming out with a lineup of new features that pack a punch.

The most interesting two are Wi-Fi access and FM radio support; both of which are currently absent from Apple’s products. These will be used in conjunction, for the new Zune’s perhaps most interesting feature: Buy From FM.

Basically how it works is Zune connects to the internet via Wi-Fi, and using Radio Data Systems or RT+ digital song ID systems, it identifies the song being played on the radio and gives you the option to tag it and buy it. Worry not, the system works well with over 450 radio stations in the US, including Clear Channel.

Ever since the beginning, Zune has had a feature called the Zune Card, which has let Zune users see a playlist of what’s running on their friends’ players. With the new updates, this list will now be dynamic, also supporting the tagging system.

Zune software, which will run on your Zune or your PC (regardless of whether you own a player or not) will allow access to their store, which for $14.99 a month will grant you unlimited download access.

The new Zune player models themselves, which will be released in the wake of a liquidation sale of the old ones, will come in 16 GB and 120 GB models, priced $199 and $249.99 respectively. The prices for the 80 GB and 4 GB models will change to $229.99 and $129.99 each. The old 16 GB remains at $199.