Apple's iPod is facing a new rival in the digital music market - Pono! Legendary musician legend Neil Young has unveiled a new high-quality digital music player called Pono that will rival Apple's iPod line. Rolling Stone reports that Young created the high-resolution Pono to "confront the compressed audio inferiority that MP3s offer". The musician appeared on the Late Show with David Letterman last night to promote the device, which is a bright yellow prism with a screen and simple controls. According to Young, Pono will play back master files with "the best sound anyone can get". Rolling Stone says that Pono will launch next year as a line of portable music players, backed by an iTunes-style music-download service. There will also be digital-to-analog conversion technology that will "present songs as they first sound during studio recording sessions".