1GB USB Drive on a Keychain
M-Systems DiskOnKey seems to offer the exact same features. They're great geek gifts since they cost around $40-$50 for a 16MB version and, like this product, don't need drivers (except for win98). Works fine with MacOS9 and X and Linux.
Importantly, you could have been buying them for the last year instead of having to wait until the 20th of this month. I love mine, beats using a floppy anyday (although you'll want to get a couple USB extender cables unless you're lucky enough to have frontside USB ports).