For that price you'll get a small laptop with a 800 x 480 pixel 7" display, 4GB solid state storage capacity, 512MB memory, WiFi 802.11 b/g, 10/100 Ethernet, 3 USB ports, a VGA port, headphone/mic-in, a webcam, a 4-cell battery which should last about 3 hours and a SD/MMC memory card reader.
The notebook ships with a carrying case and has Linux preloaded, but it's also compatible with Windows XP.
Cheaper $299.99 2G Surf and $349.99 4G Surf versions are also expected but the specifications of these products aren't announced yet.