Palm has officially cancelled the Foleo. Palm CEO Ed Colligan has posted an entry in the official Palm Blog where he states, "I have decided to cancel the Foleo mobile companion product in its current configuration and focus all of our energies on delivering our next generation platform and the first smartphones that will bring this platform to market."

This is a fantastic move for Palm. The Foleo was simply ridiculous. In the age where customers want to carry a single device Palm was headed in the opposite direction. Why would I carry the Foleo if I could simply carry a ultra-thin notebook?

We'll have to see if Palm can dig itself out of the hole they're in at the moment. The Treo is a very nice phone but they're getting killed by the BlackBerry and iPhone.