Neat! Most of my data usage is for checking bus times and where exactly that place I'm going is, so I would love having this when there's no wifi to be had. It can connect to other wifi devices as well, so there's the added bonus of laptop tethering.
The amount of use I'd get out of it would definitely depend on how much the data plans cost, but at a glance it seems like a great product for those without smartphones who want data connectivity everywhere.
The current working name is the Peel, and it's just been submitted to the FCC, so no word yet on when the actual release will be. Ars Technica and Wired have the story, and here are all the FCC documents.