We've already seen ION shoehorned into a desktop box with the Acer Aspire Revo, but this is the first time that an established NVIDIA partner has put forward a motherboard design. Images from Expreview.
The cheaper variant, listed on the right, will make do with a single-core Atom N230 and eschew the on-board power. Other than that, they appear to be the same. There isn't a whole heap of space on a mini-ITX board but we'd like to have seen a single PCIe x1 slot, too.
The crucial question is pricing, and reports indicate you won't get much change out of $200. If true, it goes completely against what this kind of system is trying to achieve. Then there's always Intel's own 945GSE and, even, VIA's Nano to consider....