The veil of secrecy has been lifted and we are getting our first peek at the new Dell DJ device. This time Dell and XM Satellite Radio have teamed up to create a combination MP3 player and satellite radio. It’s tentatively called the Dell DJ Satellite, but there is still time for them to come up with a more inspired name.

At first glance it is a 30GB MP3 player with all the bells and whistles of the regular Dell DJ line. But the tricks get really good when the unit is in its cradle. It acts as a live receiver of all the XM goodness, so you can listen to all the commercial-free radio you could want. The live broadcasting only lasts while the unit sits in the cradle, but you can save the programming right to the unit and listen to the recorded radio on the go. That’s still one step away from perfect, but it isn’t too bad at all.

More details should be available soon. The best guess is that it will cost about $300. We’ll keep you posted.