When Palm Inc. (NASDAQ: PALM) announced its new Foleo (with a little horizontal line over the "e") at the D conference last week, we all let out a collective, huh? It's not that the Foleo isn't cool -- it is, a little -- or useful -- a bit. But the Foleo, which will be available sometime this summer, has way to many huh moments.

Here's a rundown:

What is it? The Foleo is, essentially, a laptop extension for your Palm Treo. It's based on open-source Linux software (score one cool point), and as such, software is easy to build for it, and it will operate much faster than your actual laptop. Instead of opening and waiting for the usual several minutes of start-up-and-warm-up-and-log-in, the thing just turns on, instantly, and presto! e-mail. (Score another cool point, and a usefulness point.) It's small, it has a keyboard and a couple of ports (headphone jack, USB port, etc), but doesn't require plugging into your Treo (score one usefulness point).

How much? The Foleo is $599 with a $100 mail-in rebate, which (let's be honest) most consumers won't jump through the hoops necessary to reclaim. $599. You also must have a Treo already, ranging from $49 to $699 depending on the version and service plan you sign up for at time of purchase, for a total of at least $649.