Recently I've put my hands on this Victorinox / SwissBeat crossbreed:
http://www.victorinox.com/ch/content/support_s.beat_technical_SAKIt's mint, 1GB "Tools" model, never used - still with protective screen on player display, though the box itself shows some wear&tear.
It seems Victorinox or some dealer is getting rid of stockpile of this vintage electronics, as I've managed to get one for about 50$ (not sure what's the current exchange rate), even though the lowest price I found in online shops is 150$.
To be honest, I'm not sure if it's even worth 50$ unless you're a collector. It has the same tools as Victorinox Classic Alox and an outdated (considering capabilities of an average modern smartphone) MP3 player - but maybe someone here is a huge brand fan and wants to get it for 1/3rd of the original price? Well, plus shipping costs.
No, it's definitely not an imitation, unless Chinese made a HUGE advancement lately
I've seen fake Victorinox and their "quality" is really hard to mistake with an original.