John's DIY audiobook hack:
One of the high points of our 4 year old's week is Library Day. Lately, when he really enjoys a particular book, we've started recording it to listen to later on the iPod in the car. The Boy really likes hearing his favorite stories in our voices. We've been using my Belkin TuneTalk to record the stories.
One disadvantage of doing this is having to listen to your own voice over and over as you child listens to one of these stories in the car. An unexpected advantage is that you become a better reader by listening to yourself – you tend to slow down a LOT!
I'm thinking that from a learning perspective, seeing a book read (listening to the story, seeing the pictures and written words, interacting with the reader) is a totally different experience than hearing a book read as an audiobook. Seems to me that following one with the other is an incredible way to reinforce reading comprehension and a bunch of other brainy-brain stuff.
PS. That Belkin TuneTalk looks pretty cool (it's the little iPod voice recorder attachment in the picture). I can think of a bunch of ways my kids could entertain themselves with that!