According to The INQ:

As we surmised, storage comes in a 1Gb flash flavour. There’s 128Mb of DDR-II memory, a seven-inch 800 by 480 LCD screen with stereo two-channel audio, built-in speakers, a microphone and audio Jack. Wibbling comes courtesy of a Lan/WLAN 10/100M Ethernet with WLAN 802.11g Antenna.

So it is sub-EeePC in many respects. It’s coming with a flavour of Debian (? not that that narrows it down too much!) and a “LNX Code 8 Mobile Processor running at 300MHz”.

So yes, it’s cheap as hell and it has comparable features to the Eee but is a weedy 300mhz budget CPU going to be enough to keep up with some of the cooler aspects of the Eee? I’m thinking video conferencing, watching films, playing simple 3D games (eg Quake) . Even if it does fall short of an Eee, it sure does look comparable to an XO and all for half the price.

We’ll know more in a week’s time when it launches.

From vunet:

The Linux-based ‘One’ laptop weighs less than 1kg and offers a claimed three-hour battery life, Wi-Fi, a Flash-based hard drive, a hard-wearing case and a wireless music server.

Sceptical industry watchers will wonder how many corners have been cut when the product is launched at the Education Show in Birmingham on 28 February. Elonex has declined to release hardware specifications for the device.

This paired with HP announcing they’re entering the budget-UMPC market, means we’re in for some cool stuff over the next few years.