The Raspberry Pi is a ARM based single-board computer developed to run Linux for just $25 ($35 for model B with WiFi). The board contains an ARM1176JZFS, with floating point, running at 700Mhz, and a Videocore 4 GPU. The GPU is capable of BluRay quality playback, using H.264 at 40MBits/s. It has a fast 3D core accessed using the supplied OpenGL ES2.0 and OpenVG libraries. The board has an HDMI port, one USB 2.0 port, one micro USB port for power, an audio jack, RCA video out and a SD card slot.

They aren't taking orders yet but you can track the status by joining their mailing list here.