If its running Windows 8 Pro (not RT) and gets 9.5 hours of battery life and the Atom gives good performance it could be pretty impressive. This would basically put a full PC in a tablet form factor without the battery life negatives. It would run both Apps and Native Windows applications.
This would be equal to Apple shoving full Mac OSX system into an iPad.
This makes this device compete against both tablets and ultrabooks. The Surface Pro coming out in a few weeks does the same, but it is limited by the iCore5 processor and platform to a 4-4.5 hour battery life.