It appears to be still in development. In fact, it appears to have been in development for a long time and doesn't seem to be moving towards production any time soon. The specs are updated periodically (including Win7 as an option).

I would guess that this is a reference model (also known as an OEM model). The company behind it has got the design and will sell/license it to someone else for production. This is why there seem to be so many options. The company is not offering them to the consumer, they are offering them to a potential manufacturer. You see this a lot in UMPCs.