Informative and Accurate
I, too recently purchased the 120gb Classic having given my 80gb to my nephew. Prior to buying it, though,I sampled, the Nano and the Touch and they both had severe disadvantages for me. The Nano's wheel was just too small for my fairly large fingers and it felt just a tad too delicate. The Touch to a great degree limits its use for jogging. I usually would keep the player in a pocket or case and without a click wheel that you can feel, you have to actually look at the Touch's screen for any adjustments.
The Classic, of course, has a hard drive rather than the other Apple's players' flash drive technology. Is this old technology? Yes, but data transfer rates supposedly are faster, though, as you noted some things like Artwork, is a bit slow.
Your review paints an accurate picture and there is very little I could add. I think the decision by Apple to offer only black and silver reflects the rather subdued yet serious, no-nonsense character of most Classic purchasers. Most of the girls in the high school I work have the multi-colored Nano; whereas many boys who collect videos and podcasts have the Classic. Like you, I only use mine for music.
I hate to admit it, but I have only used 5gb of my total, but to me, the Classic's asthetics and its fit and comfort in my hand are worth it. There is no better value for the dollar. I saved the 5% sales tax here in Virginia by buying it in my local military exchange, plus a discount. For $230, it is a clear winner!
