Custom 2.6.x linux kernel running a hardware accelerated kdrive, with a GMenu2x-like, scriptable menu for launching apps.

The beagle-board boots ubuntu, and there's some discussion as to whether ubuntu should be available as an alternate purchasing option.

The developers ran a poll on whether the community wanted them to focus their development resources towards a more advanced gui, games, or something else I can't recall. The GUI option won, by a huge margin. They're currently putting most of their resources into this simpler kdrive setup to release with the system, and they then plan on working on something "more advanced".

It's all a little vague, right now, but pre-orders begin at the end of the month. They've promised videos of the device in action, before then. Look for something to show up on the blog, before October.

As for battery life, 10 hours is the official figure.