Is Microsoft Origami the Xbox Portable?

Microsoft's Origami project teaser site gives no real information to go on, other than to say check back on March 2 for more details. Engadget has their paws on some images of the supposed device. It looks like a cross between a large PDA and a portable media player.

From what I have seen the expected price is to be around $500. If it works well and comes in at that price, I bet Microsoft will have a winner. We will have to wait till Thursday to find out.