Project Origami Video?
So is this YouTube post of 
Microsoft Project origami for real?  Looks like a legit ad that someone managed to capture before it was taken down (link via 
digg.  I've got two trains of thought on this:
-  Big F'n Deal - a smaller tablet with a flashy add to no doubt boost tablet PC sales (which we haven't heard a heck of a lot about lately).  Note the accessories you need to make it useful (ie: the wonky looking keyboard setup).
-   Potentially cool.... they look like they have combined something like a PSP and a tablet with all the built in things like wireless networking, bluetooth, GPS, USB, etc etc.  No evidence of bluetooth of course, but one can imagine.