The NANO board is just a motherboard that is being touted as Nano-ITX even though one of its dimensions is 2mm larger than the Nano-ITX form factor allows for. The motherboard has an IDE port, a CF card slot, and gets its processing power from an ETX module.
Other ports include Ethernet, VGA out, 4 USB ports, 3.5mm jacks for both audio in and out, and PS/2 ports for keyboard and mouse. There are also a couple of serial ports and PC/104-Plus expansion with both ISA and PCI bus stacking connectors.
The PC/104-Plus stuff is all kind of new to me, but from what I gather it has been in use for a while and works kind of like a stackable version of a PCI bus. The good stuff is the ETX processing module that gives the motherboard its processing power and system memory. The ETX module is also a stackable thing, even though I think they only stack one deep with one motherboard, anyways, these ETX modules come with the processors on them, and slots for memory, and probably the necessary chipset to use the processor.
Access I/O makes three different ETX modules that fit nicely with the new NANO motherboard, one is a 500MHz AMD Geode processor with up to 1GB of RAM, the second is an 800MHz Celeron M processor with up to 1GB of RAM as well. The third is where its gets good, it’s a 1.66GHz Core Duo L2400 processor that supports up to 2GB of RAM (no word on which flavor of DDR it is), that makes this nano-ITX/ETX module combo one of the smallest offerings of dual core processing. Depending on what all you get with this setup the company says it starts at under $1500 so I would assume $1499.
Mini system combines Core Duo, ETX, PC/104 [via LinuxDevices]