The touchpad on the Mebius is a multi-touch enabled LCD, that can display whatever you want it to, including context-sensitive information related to the currently active application. This video gives you a good idea of what it's all about:
The tiny display sports a 4" diagonal and has a resolution 854x480. For the rest, the device is a pretty bog-standard netbook, with an Intel Atom 1.6Ghz processor, 1 or 2GB of memory, 160GB hard drive, and has a 10.1" 1024x600 main display, powered by Intel's 945GSE Express graphics chipset. It also comes with a webcam, multi-cardreader, BlueTooth, and WiFi. It's dimensions are 260x190x23mm, and it comes with either Windows XP or Windows Vista Home Basic.
It will be available in Japan first, for ¥80,000 (£558/$814/€628). No international information just yet.