I doubt that it will be less than $200, based on the Hanlin model using roughly the same technology (which is supposed to sell for about $300). This also has a larger screen and some extra features.
It also doesn't look like editing will be possible, unless there's a hidden stylus somewhere, and a virtual keyboard. I would think using those would be a pain, regardless.
Personally I don't care how much internal storage it has, but I hope that it supports some form of external flash card...