Isn't it ironic how just a few hours after somebody posted the wikipedia article on Betteridge's Law of Headlines (http://news.ycombinator.com/item?id=4092880), two of such headlines make the top 2 of HN :)
More on topic, this looks like Palm Foleo re-invented (http://en.wikipedia.org/wiki/Palm_Foleo). I always found the Foleo concept great so I wouldn't mind seeing another attempt. That said, the success of iPad and other tablets is going to make this device even more niche than the Foleo would have been. It'll be a tough sell.