The PC on iPod?

In the past few months a few friend and I have been brain storming on ideas that could enable the end users to carry around his personal computing environment (PCE). The applications and the data for these applications is what the end user really cares about the operating system and the hardware are merely the means to enable this access to application. Now that flash memory disk are available in multiple GB sizes at economical rate and iPod's are ubiquitious can these be used to carry out PCE?

This week we saw some action that validates the idea - first was the public launch of beta of Moca5 and second was the funding of RingCube by NEA. I cannot wait to try out MojoPac.