It's called the Medison Celebrity, and yes, it costs exactly $150. And you can buy it now. The company calls it "The Laptop for Everyone", and it dosen't run on Windows nor Mac OSX, instead it runs on Linux, with a 1.5ghz intel celeron and a 14'' screen, with only 256mb of RAM, but it's upgradable. Same goes with the 40GB hard drive. It even has 802.11g wireless. I've never used Linux, but I guess if you don't like it you can buy Windows, but that won't even run on 256mb ram.
Ok, who wants to be daring and buy one of these to see how good it is? It's only $150.
http://www.medisoncelebrity.com/
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