Sadly not a sign of ASUS' upcoming Eee PC UMPC plans, but a very impressive DIY effort, this UMPC is based on an ASUS Eee PC 701 to which a touchscreen and new casing has been applied. That gets you a super-portable Atom based device that, at 922g, is almost half the weight of the donor Eee PC, but a whole lot more usable when on the move.
There's very little detail on how exactly the DIY mod was approached, but I'm assuming that the casing was a full remodel with the section on the bottom being a newly crafted battery and speaker bar. The buttons along each side make for some physical control, but everything is really meant to be used by the stylus, which has its own neat silo in the side.
It's a very impressive mod - enough to convince some that it's actually ASUS' handiwork, no less - and one we'd love to see a tutorial for. If you're interested in attempting your own Eee PC 700-series UMPC mod, check out the Aeeeris faceplate.