Mike Cane's thoughts can be summed up in two words, "Who cares?" No rants, no complaints. Just a statement of his diffidence.
I disagree with him slightly; I too am underwhelmed by the Foleo, but I think it could be that we don't quite get the niche it's made for. For starters, it certainly seems a shift to think of a laptop-like device a companion to the Treo. The Treo was a standalone, but it combines enough PDA function to serve, quite ably, as a desktop computer companion. Now the Treo gets a buddy.
But let us go with the Mobile Companion idea. From the description on Palm.com,
Foleo is made for that two-day business trip to Boston. That conference across town. Or even that meeting down the hall. Just fold it up, grab your smartphone, and you're ready to go. In fact, you can even run PowerPoint® presentations. Foleo comes with a VGA adapter that connects right to it.
How is this different from grabbing a laptop? I suppose size and money. To get a laptop the weight of of the 2 lb. Foleo means a premium price of $2000. The lightest I've seen are 3 lb ones. UMPCs cost around $2000 new. In this context, $600 may not be expensive. (I have a $1200 8 lb HP laptop. My back feels the virtue of the Foleo.)
I haven't seen the Foleo in action yet; I am not sure how fast synching information is between the Foleo and Treo, but it is over BlueTooth and I guess it would be relatively slow. However, the function Palm touts is already something I do; I have my mail forwarded to an IMAP server. I use SnapperMail to access it when I am on the move (I noticed that one needs to use VersaMail for this function - I've erased it from my custom ROM and don't feel like putting it back.)
For me, no email is important enough that I can't just deal with text. Sure, it'd be nice to see the HTML formatting in my e-mail. It is also nice to open up links in a real web browser instantly, like Opera on Foleo. Again, the key is that the Foleo isn't a pocket computer like the Tx or a WinMobile device. It acts as a day bag computer, but one probably will use the Foleo like a laptop and wait until he's at a cafe or back at the hotel. If I have to wait, then a laptop is as good as the Foleo.
In this case, for someone who is looking for a lightweight laptop, the Foleo might be the thing to use. I always carry a bag with me and the 2 lb Foleo would be a nice fit. At least that's my impression of the Foleo; it's for people who prefer doing things on a keyboard and a larger screen but can't afford a 12" iBook or a UMPC or a really small laptop.
What I would have wanted: basically a larger version of Tx or T5. With wifi and a cellular radio for data plan usage. But that's neither here nor there.
As it is, I'm neutral on the Foleo. One thing that I have some interest in is if the programs on the Treo can run on the Foleo. This would be really cool if one can actually sync all the databases used by Palm programs onto the Foleo. Then it would avoid a lot of issues with HotSync conduits and using a desktop companion. Instead, one might essentially run the Foleo in a "classic state" and edit the databases directly; the resulting changes can be synced with the Treo. If this function were available, I'd be more excited about the Foleo.