Thecus has introduced the miniNAS N0204, it was launched as the smallest NAS in the world. The device is a bit bigger than an external 3.5"enclosure and offers room for up to two 2.5" disks, with RAID 0 or 1 support.
Despite its size it still offers the same functionality of many of the bigger boys, including the ability to act as an iTunes or DLNA server, print server, and webcam host. It even allows hot-swapping. Apparently the only thing it can't do is tell you when it'll release or how much it'll cost when it does. For that we'll just have to wait and see.