Today iriver launched its latest portable media player (PMP) offering, the P7, billed as the “ultimate movie viewing handheld device,” according to the release.

In addition to the 4.3” LCD touch screen and award-winning product design, iriver is touting the built-in media converter that allows viewing on the fly, eliminating the lengthy conversion process that marred other PMP movie-playing capabilities.

The P7 offers full CODEC support, including MPEG, DivX, RM, RMVB and H.264, and also manages most music file types, including MP3, WMA, OGG, ASF, FLAC, APE, and WAV. Also included is an FM receiver.

Micro SD and USB 2.0 functionality round out the features. Expect the battery life to run approximately 7 hours for video and 35 hours for music.

The P7 comes in two models: the 8G available for $179.99, and the 16G available for $209.99.