In need of feedback for a school project

I am in a product design class and have chosen to redesign an MP3/CD radio alarm clock (AM, FM, radio alarm clock that plays CDs, CD-R/RWs, CDs with MP3 songs recorded). So far in my research I’ve seen only a few different models in stores and online. They are quite pricy. I am interested in designing a lower cost MP3/CD radio alarm clock with fewer features that are not nessesary in its primary functions. Befor I go any further, I need to conduct serveys and get feedback to find out if their would be a market for this product.

The main question, if you were interested in purchasing such a product, would you buy an expensive one that has many extra features that you rarely or never end up using or might not be important to you, or would you want a product that costs less and does what you need it to do, and has some but less extra features than the more expensive models?

Thanks for any replys,

The notion of mp3 naturally makes me want to go cheap. Well, put it this way, like you said, I want a direct and simple player, but I want decent speakers.

I also suggest you to conduct interviews with a range of users or non-users. It depends on what you want to find out. Ask the questions that will give the info you want. Asking direct questions may lead to answers that they think you want to hear.