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I don't see this as being functionally all that different from existing Chromebooks. A different OS (but not THAT different) and perhaps a very slightly lower price point, but that's about it. Remember you can get a bare bones Chromebook for $199 today, but I haven't see very many of those floating around. They are currently out of stock though, so maybe the reason I'm not seeing more is because of supply not meeting demand.
One thing that I don't really understand is the need and wisdom of having Android and Chrome OS products that are so similar in price and end user experience. There doesn't seem to be a compelling reason for both OSes, and it just dilutes the market instead of establishing the presence of one Mac/PC alternative.