Sounds quite interesting, but just like Engadget I have the feeling that it's a bit too good to be true.
When it's produced, supposedly by June, you'll be able to select from the traditional white background and black foreground or go with a black background with white. Other colors, including green, blue, or red text, or a "4 colour edition" that does all of them at once, are due sometime down the road. The tablet works with touch or pen input, will offer 180 hours of battery life, and is to be fully open-source, with the initial software release supporting simple drawing, storing of notes, and MP3 playback. Version 1.5 will add PDF and text viewing, while version 2.0 will be rocking OCR handwriting recognition.