I'm concerned my 160gb ipod is on its last legs and won't see itself through another summer. I was thinking that I could transfer the majority of its contents onto a micro SD memory card and stick it into my new mobile (which has a memory card slot).

Has anybody else done this? Does it work or will the phone have issues dealing with music stored in this way?
And what music player should I use (especially if I want to emulate the iPod style where I rely heavily on playlists to organise my music)?

I know there's an argument that I don't need to carry around 128GB of music on a memory card, but I've been using the large size iPod for years and have a real fear of letting go...