The Windows PC program streamWriter can be set up to schedule and record programs; just find the station, add to favourites, then set up a scheduled daily recording.
I do this so I don't miss the Forgotten 80s radio program on Absolute 80s. But if I ever need to bleed from the ears, I'll be sure to set it up for the shipping forecast too ;)
Well I would say that one joy I've found from owning an ipod (And this goes all the way back to the black and white ones), is that similar to audio books, I've been listening to podcasts.
A standalone like this thing wouldn't really work well for that though.
Heck it might not even play things like Audible audiobook formats.
Incidentally for podcasts I'd suggest
Learned rather quick after more than a year doing data entry jobs, that music and audiobooks just simply weren't enough audio. (Heck I even tried ripped well narrated DVD's to MP3)
Also for anything I also highly suggest looking through the http://www.shoutcast.com/ streaming radio index, and then use this program to record it http://streamwriter.org/en/
I really like streamwriter. I think it can open PLS/M3U files.
edit: for your purpose, audacity might be best, if it's hard to get access to the raw stream. just make sure it's not recording from the mic as well and turn off system sounds and avoid audio on websites!