My friend Jeff Kirvin's website require registration for commenting, so because I'm lazy I'm going to reply to a couple of things here:
Jeff panned the concept, and I think in a lot of ways he's right--from the geek perspective. Folks like us--geeks, off-label users--wouldn't have a lot of use for something like this, we'd either take a laptop, or be content with the smaller device. And the price is really quite high. I'm not sure how businesses will take to this device. It's hard to say. I won't be getting one, that's for sure; but I think the concept is a pretty neat one.
When apple stopped producing 12 inch laptops, a lot of people cried out in anguish(!), and one of the most persistent rumors in mac-land for many years has been a tablet/sub-notebook kind of computer. Something thin: no CD drive, solid state storage, a good keyboard, good battery life, etc. And the Foleo has wi-fi, so really, what more do you need?
The Foleo sounds a lot like this dream product, so at least the concept for the Foleo, is a keeper, even if the implementation sucks. Frankly I'd be a lot more comfortable if it were running a flavor of OS X (over a Palm OS flavor) but such is life.