Palm's new Foleo product

[Addendum: Now that I've had a chance to try Foleo for a few minutes I think some of the early criticism of the analysts may be wrong. It's a product to simplify our lives, much like the Palm was. I'll wait to try it for a few weeks before deciding. I just think Palm might be onto something useful.]

Palm is announcing this morning at the D conference in Carlsbad, CA a product called the Palm Foleo, It's a mini notebook, but has no digital connection to the Internet. It connects via Bluetooth to a Treo phone. What's the advantage? It provides a larger screen and keyboard, instant-on and has a five hour battery life. It should improve the ability to surf the web, one of the big disadvantages of smart phones with their small screens and tiny keyboatds. Reaction among those national journalists that have tried it is a ho-hum. Another device to carry and keep charged. 

Most of the discussion here relating to Palm is why don't they have a newer, thinner Treo? For the company that pioneered the smartphone and a form factor used by it's competitors, Palm is falling further behind with its bulky Treo and needs to catch up quickly if it's not going to become irrelevant.