It is likely that Creative will deliver the MP3 players at a lower price since Apple released the 30GB iPod photo for only $349, the same price as Creative planned for the Zen Micro Photo.
The Creative Zen Micro Photo has a 1.5-inch OLED display capable of showing 261,144 colors while Apple's iPod photo has a 2-inch OLED which only supports 65,336 colors.
Creative doesn't want to comment on the reason of the delay. They just say that they target August and pricing is not confirmed.

Source: BetaNews