It's a hybrid PC that can operate as both a tablet and a laptop, and rather than throwing all the hard design and engineering work away, Lenovo will simply be delaying the launch of the U1 until next year. On one hand, we're sad to see the original June 2010 ship date slip so badly, but one the other, this could give Lenovo time to include new hardware and technology that would put it far ahead of the current iPad.
According to a new PC World report, Lenovo delayed the item because "it did not meet company standards." There's no mention of what standards were not met, but Chief Marketing Officer David Roman did mention that it could be redesigned prior to launch. We just hope they don't change it too much; it looks really, really great as it stands currently.