One of the regular concepts we see over at iPhoneBuzz is Apple slotting the iPhone 3G into the palm-rest of a MacBook and making it serve double-duty as connectivity and multitouch trackpad. When it's attributed to Apple it's pretty laughable; when a third-party claims to be doing it, as is the case with OLO Computer, you fall off the scale into hilariously unlikely.
OLO Computer's concept is a netbook (with strikingly MacBook Air-style design) into which you drop your iPhone 3G whereupon it grants internet access and control. It's unclear whether OLO envisage the iPhone powering everything - which would make the OS X screenshot on the mock-up's display a little confusing, as that's not the OS the iPhone runs - or if it would be a standalone device with its own software.
The inevitable comparisons are being made to the ill-fated Palm Foleo and the recently-price-scythed Celio RedFly; the former didn't make it out of the prototype stage, while the latter has required a 60-percent price cut (to just $199) in order to sell. Of course, with specs, pricing, proof-of-concept (and just about everything else we'd like to see) missing from the OLO website, color us sceptical.