I've been listening to books on tape on my commute for years now. I've tried an Otis for Audible stuff, but the controls are too small for me to conveniently manage while riding -- with the Walkman, I can operate the buttons by feel.
I love it! My biggest problem if finding a Walkman (of whatever brand) that functions properly. And, decent headphones (one way or another, a pair only lasts a few months.)