What does it do? Well, Ballmer showed it running Kindle and Windows Media Player. Looks like a pretty standard Windows 7 built, which has built in multiouch support.
Good news: it is coming, and is garnering positive initial reviews. Bad news: no you cannot have one now, and you need to wait for Apple to talk before you would even want to think about buying one.
Take a look at the preview video if you get off on tablets, tablet rumors, or just things that you cannot buy yet. Who wants “later this year” to get here quickly?
Fianlly, HP states that: “It will also make an appearance, along with HP’s Todd Bradley, in a keynote with Qualcomm’s CEO Friday.” Get ready.