Let me try to answer all your questions, Starbucks. Last first...there's no clock interface, but yes it does display the name of stations. It does not, however, read song title-artist meta data as so some other internet radios.
There's no access to XM-Sirius that I'm aware of...not a big problem for me with SIXTEEN THOUSAND other stations. I may be wrong about that, as WinAmp carries the Sirius/XM music channels, so you may be able to figure out the streaming URLs from that. This radio also does not receive Pandora, as do some of the other Reciva-based radios...which is the only real downer for me. I love Pandora! There's a really tweaky, techy way to get Pandora, but it involves using another computer to receive Pandora, and re-encode it on-the-fly using Windows Media Encoder. I've done it, and it works, but then I"m weird, and it's a lot of trouble. If you want to try, there's a post on my blog done in '07. Look for the "Pandora on a Pocket PC" post. This applies to any audio you can hear on your pc, not just Pandora.
http://hearitseeit.blogspot.com/search?updated-max=2007-10-20T03:13:00-07:00&max-results=7
As for Live 365 stations, if you can get the URL of their stream, it can sure play it. The bigger Live 365 stations are already in the Reciva database. There are lots of programs out there for determining streaming URLs, even pulling them from flash-based players. I use the "URL-Finder" feature from the "Replay AV" program from Applian. Let it run, tune in the stream you want to find the URL for in your browser, then copy that URL, and past it into the "My Streams" section of the Reciva website. Next time you turn on your radio, BOOM, there is your Live 365 (or other) station.
Yes, it does receive stations using Real Audio, as well as Windows Media (wma), AAC+, AIFF, and MP3...just about everything. There probably are some tiny stream types out there that Reciva-based players can't play, but not many. If you're unable, for instance, to determine the URL of a flash-based station, then that would qualify. I haven't had this problem, however.
If what you're interested in is a nationally syndicated show on, say, NPR (I love Wait Wait Don't Tell me, A Prarie Home Companion, and others), there's always another station out there carrying the show. Even my little syndicated oldies show (Saving the 70s) is available on 26 affiliates, as well as directly from my website
http://www.savingthe70s.com
You can always get the latest of my shows on your Reciva Based radio by putting this URL into your "My Streams" page
http://www.theproductionroom.net/latestshow.ram
And yes, there's a headphone jack. Other players, like my Reciva Blik, have both a headphone AND line output (RCA Jacks). The Pico has just the headphone jack, which functions fine as a line out. It's a good thing the (tabletop) Blik has RCA outputs, as the frequency response from the headphone jack is, frankly, awful. I use an external headphone amp with that radio.
Anyone looking for a standalone internet radio to be as simple to operate as a garden-variety AM/FM unit will be disappointed. Frankly, it's a little "tweaky", but still much more convenient than listening on your PC, especially with a portable like the Pico.