After reading the idea of using SUSE Studio to bring back the Amarok LiveCD in the latest Amarok Insider, I thought I'd give it a go.

It is working and functional (including mp3 support). There are further details on its page on my site, but the important bits are as follows:
Images are available with or without bundled music (currently, from the free music charts at http://www.darkerradio.com/).
There are images available for writing to a USB drive or burning to CD.

The USB images can be written to a USB memory stick with ImageWriter, which has to be built from source (requires libhal-storage-dev) unless you're on an RPM distro or Windows.

Extra music can be added to the USB images by copying it to /home/amarok/Music on the disk.

Download links:

With bundled music:
LiveUSB image (MD5: 6a91dbfb0662a73da1540be67b4ed6a1)
LiveCD iso (MD5: 23fd8405946e2c97ae33f933d808ba04)

Without bundled music:
LiveUSB image (MD5: ba1b8ea8e09ad357f414dc2f7d8fd7cd)
LiveCD iso (MD5: 1c00586af4db41ebf0347ebf42a37202)

Those with SUSE Studio accounts can get downloads and clone the project from its gallery page.

Updatey goodness: The image now includes Amarok 2.3.2. The site also now includes instructions for use on Windows.

New update:
Extra ALSA firmware package is now installed after a report in the IRC channel. If you had audio problems before, they should be fixed now.
I've also made an iso for LiveCDs available, as you can always point it at people's existing music collection by mounting their Windows drive, or use an external device such as an mp3 player.

New update: upgrade KDE to 4.5.3 and Qt to 4.7.1.

Big update: Now using Amarok 2.4 with KDE 4.6 and the Phonon-VLC backend.

Woooo!!!!!!!! and I hope you'll get some more users after the article in the Insider. Sentynel, have you considered putting some good FREE music on your LiveCD? Jamendo, Magnatunes and other places have wonderful music that is not only DRM-free, but really free, Creative Commons free.

Please consider adding that, and making your CD even more fun!

Valorie

Finding some free music to put on is definitely on the todo list. If anybody has any requests for inclusion and can provide links to where it's available under suitable licenses for inclusion here, I'll definitely put it in.

Updates!
Amarok 2.4.1, KDE 4.6.3. Switched to the GStreamer backend (better supported in SUSE's repos). Update to SUSE 11.4 base.

Note to folks who've cloned the SUSE Studio project: the project URL has changed - it didn't like being upgraded from 11.3 to 11.4 very much, and I had to start over. New URL is http://susegallery.com/a/fM3yFg/amarok-live

Edit: Bonus: Now with optional bundled music! Images are available containing the April 2011 free music chart from http://www.darkerradio.com/!

New version!
Update to Amarok 2.4.3, KDE 4.7.0. The version with bundled music includes the July 2011 free music charts from http://www.darkerradio.com/.