Memorex's TravelDrive ID brings new features to the basic flash drive design. Its LCD immediately marks it out as a little different. It can display up to 13 characters, so you can name your flash drive in Windows. This could be useful if you've bought a number of identical drives, but otherwise it's just a gimmick.
The drive can tell you how much free space remains. Unfortunately, you have to update this information yourself by clicking on a scan icon in the System Tray. If you forget to do so, you'll be left with incorrect information on the LCD. We don't think either of these features justifies the extra £20 over a standard 1GB drive.