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Previously known as the $100 laptop, the OLPC boasts a 500mhz Processor, Linux OS, 1GB Memory, and a Two-Mode Display (Color and B&W). It's powered by AC or handcrank -- users get approximatley 10 minutes of use with 1 minute of cranking. Video after the jump.

The computers will be rugged and use Linux for their operating system. Mobile ad-hoc networking may be used to allow many machines Internet access from one connection over the OLSR wireless protocol. The pricing goal is currently expected to start at around US$135-140 and reach the US$100 mark in 2008. The laptops will be sold to governments and issued to children by schools on a basis of one laptop per child

[via engadget]