I just got the three sets of Japanese vocab from vocabulearn and they appear pretty good right from the start. Each level has around 2000 words and are spoken slowly and clearly on CDs. It's just a vocab builder but is the best vocab builder that i've seen. I like long spaces between words to repeat slowly to myself and the spaces on these CDs are set at a vary nice pace.
I only got them a few days ago and I have already assesed where my gaps are so I know where to focus. Each level is split into four CDs, these being nouns, adjectives/adverbs, expressions and verbs. It became immediately apparent that my weakest area was verbs and adj/adv whereas my nouns and expressions are pretty good. I never realised this before so this quick self-assesment has been vital.
It also comes with a little book that lists all the vocab which is thankfully written in kanji, so it is easily possible to use this to build knowledge of readings with vocab that you've already absorbed.

Sounds interesting, do you have a link?

The computer i'm using now doesn't allow access to amazon so I can't give you the link but I ordered mine from amazon.co.jp . It took only a couple of weeks to arrive and cost around 5,000yen for the whole set. Just do a search for vocabulearn on the USA amazon and you can read the reviews, which are very mixed I think but it all depends on what tickles your fancy.

So is it just a list of words plus their readings & translations on CD, or is there more to it? Any example sentences?

There's no example sentences, but there's a section for phrases. If you don't want to study vocab out of context, this is not the way to go. I borrowed Vocabulearn from the library, maybe your library has it too?

That's right yes, only isolated words. If you are a complete novice then it's not so good. Only when you have an ear for for the sounds to make an accurate repetition and a good grasp of grammar is it of use. At first the words will build up in your passive vocab but then slowly move into your active through time, I hope.