Palm announced the Palm Foleo today at the All Things Digital Conference.
The Palm Foleo is a "mobile companion" to the Treo smart phone and features a 10-inch screen and full size keyboard. The Foleo offers web browsing, Word, Excel and PowerPoint editing, PDF viewer, and Wi-Fi and Bluetooth support. Weighs 2.5lbs and will cost $499 after an introductory $100 rebate.
If the smart phone is a truly capable computer and billions of people have them, some of them are going to need a larger display. Smart-phone screens are just too small. People need a mobile companion a device that extends their smart phones.
Foleo will support Palm and Windows Mobile. Hawkins wants to support iPhone but "hasn't inked the deals necessary to do that yet."
More details on Foleo available on Palm's site.
Update: Video on Youtube.