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I honestly don't see what market he is targeting.
1. The "connected" business person has their Treo and their laptop. If they are traveling light they take the Treo. If they are traveling heavy they take their laptop and their Treo. Why would a "connected" business person take a Foleo? All their Powerpoint and Excel, etc. drafts are contained on the hard drive of their laptop. They need access to previous memos, presentations, etc. that are, again, contained on the laptop. A Foleo can't substitute for 80Gig of background information stored on the laptop - so the Foleo will stay home. If you already have a laptop I can't see a business person leaving it home and risking not having that vital piece of information available that is stored on their hard disk.
2. I don't think a "non-connected" person, one who owns a Treo just for light email and a little web browsing, will have any interest in being tied to a second device, especially one that won't fit in a pocket or purse.
I don't think it's a question of features or applications, I just don't see where it fits in.
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