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This is completely game changing if:

1) they can do it

2) the price is sub $700

If they can do that, the Slate, iPad, etc. can go home now.

I think they sure can do it. They have come so far. My gut feel about the price is ~500$.

What will be interesting to see is the apps. Apart from the browser what apps will the iNotion have?

But isn't that just it? It will have the entire web of apps. And they're all free.

You mean just like the iPad can run web apps for free?

The same web apps that everyone decries for not providing the rich experience of native apps?

Local Interview with the CEO, they are in talks with Mobile operators to launch it in India at a subsidized price of 250-275$

Sounds great. I couldn't be pulling for them more. Go India!