From the page:
Ubuntu MID Edition targets an exciting new class of computers called Mobile Internet Devices. Ubuntu MID, based on the world's most popular Linux distribution, and MID hardware from OEMs and ODMs, is redefining what can be done in mobile computing.
Ubuntu MID Edition, a fully open source project, gives the full Internet, with no compromise. Custom options may include licensed codecs and popular third-party applications.
Full Web 2.0/AJAX fidelity, with custom options of Adobe Flash, Java, and more Outstanding media playback so you can enjoy videos, music and photos with superior quality and easy navigation A suite of applications that work seamlessly to meet every need of a digital parent, student or anyone who is on-the-go Facebook, MySpace, YouTube, Dailymotion, 3D games, GPS, maps, in short, the full Web 2.0 experience delivered into your hands as a compact and powerful device that's easy and fun to use
There's still no mention about the actual hardware, though, but I suppose this is going to be the one from Intel.
What it will look like:
Me want. Now.