Yay for useless flash animation.
Anyways, http://www.theregister.co.uk/2008/06/17/cherrypal/ has more information than their website.

Vapourware-likeness aside; It's going to be a "cloud computer" that uses a bunch of web apps on a 400MHz Freescale proc., 256MB RAM, and a 4GB Flash storage.
It'll run an embedded form of Debian, in case you were hoping.
Specific prices aren't out yet, but the guy said that it'd be sub-400$, which sounds pretty sweet (punny).