First, regarding over hype, I don't think you can blame M$ for that.  

While I don't think it will be all that useful (Though reading E-books would be cool) and probably not all that useful for on the go development, unless your a good text editor,  a PDA with a higher resolution and larger screen would be much appreciated. But how good can it be without a key board? Even the version where they show with one it  looks too small to be useful, unless your a Smurf.  How could they have a useful keyboard anyway and it still be portable. 

This lead me to thinking. [Has been known to the state of California to cause cancer, I know, but I live on the edge]  I had the next great idea for making $$$. I was already envisioning my own IPO... fold up keyboards, not the small kind that collapse into a cube with hinges, but something like the piano keyboard my 4 year old has. it is plastic and thinn like paper. You can roll it as well as fold it. Image you have one of these "fully functional" PCs (though how functional a watered down CPU can be I don't know.) and you pull a keyboard out of your back pocket. Unfold it and have a full size keyboard, Hell, I want one for my PDA. I have a hard time using my IPAQ as I want to, because entering data is too time consuming.

So, to see if it was feasible I did a quick google and found, yet again, I have been beat out.