Again, thanks for the replies,
Well as you said, if it works, it works 
Although most people would prefer having a
crystal simply because its a crystal, a resonator seems
to be good enough.
Although the product page here >>http://arduino.cc/en/Main/ArduinoBoardMega2560
is a bit misleading because it says it uses a 16 MHz crystal and
not a resonator.
When will the next iteration or the arduino arrive,
If it is during the next 2-3 months I will feel disappointed
because I just bought my Mega, Should I be concerned about this??
Will it arrive during the next 2-3 months since after all, it is 2011
:o