Not only does it run Linux, it runs Linux 2.4. Its GUI is powered by FLTK. It has a MIPS CPU at (I believe) 66 MHz.

The consumer model will be available in January. I just ordered my developer model. To get the devel model, you have to join the developer membership program and click through a silly "contract" that says you support open source development among other things. The consumer version will have its OS in ROM.

It has a terminal emulator. I like the idea of running vim on a PDA... :)