There is currently a flash video of the upcoming MS Origami at http://www.d-kitchen.com/launch_center.htm -> Enter -> Work -> Brand Theatre.

By the looks of it it's a convergence device like the Nokia 770, but quite a bit larger, and features 'fun' applications like graphics, messaging and games. It won't be a true pad computer, a handy communication device like the Nokia 770, but rather a competitor to the PepperPad, converging more closely with the bulky tablet PCs.