Palm Foleo: Dead on Arrival!

From the official Palm Blog: Palm CEO Ed Colligan has announced that he

...decided to cancel the Foleo mobile companion product in its current configuration...

He further said that

...focus all of our energies on delivering our next generation platform and the first smartphones that will bring this platform to market. We will, of course, continue to develop products in partnership with Microsoft on the Windows Mobile platform, but from our internal platform development perspective, we will focus on only one.

What does this mean? Has Palm finally come to its senses? Will they finally get the woefully under-developed OS a much needed upgrade (not mere updates)? Oh and please, don't omit a little thing called "wi-fi" in your next product... pretty please with sugar on top?

I'm sure that the legions of Palm loyalists who are eagerly awaiting the release of the Foleo (around eight of them) will be sorely disappointed.