Smaller iPod shuffle?

An American Technology Research analyst claims that they have heard that Apple may be working on an even smaller form factor for the iPod shuffle as well as a introduction of a choice of colors.

The price points and storage capacity, however, are expected to remain at $99/$129 and 512MB/1GB in order to minimize overlap with their recently introduced iPod nano.

Apple recently added a "black" option for the 5th Generation iPod, and previously offered iPod minis in a choice of 5 colors.
Whether or not this is simply rehashing of this Page 2 rumor is unknown.