It seems to re-read the SD card everytime it turns on, having done that there's a (sometimes long) delay during which it displays filename instead of track name.
If you wait long enough (several minutes with a 4GB card) it will eventually display track name, either that or scroll down the track list and they will change to track name as you scroll down.
If you wait long enough (several minutes with a 4GB card) it will eventually display track name, either that or scroll down the track list and they will change to track name as you scroll down.