Not $150, but ASUS showed off a cheap laptop:
Eee PC. Ignore the retardo name, and you've got yourself a $200 laptop.
There is a catch, though. First there is no hard drive, its a flash drive (like the little MP3 players). The $200 model has a 4GB drive and the $300 has 8GB. So you won't be putting a ton of programs on it, but thats ok. I hope. I wonder how much of that the OS takes up? Whats a WinXP install look like? At least you can plug in an external HDD via USB if you need more room for stuff.
The other is there are no disc drives on the thing, so installing stuff is going to be a bitch. Plug in external DVD drive to install programs? Lucky for me I'd probably just use a lot of the programs I've downloaded (Inkscape, Artrage, opencanvas, foobar, abiword, firefox, etc) but for retail things it'll be trickier.
Despite that, I'm actually kind of interested in having a laptop to do simple things with.
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Oh looks, theres a second page. Hmmm....built in Linux OS. Lucky for me most of the software I use is OSS and have linux versions. I wonder if you can install Ubuntu or some other distro on it in case you don't like the default one?
Neat, they said they do test it and it can run XP, it just doesn't come with it to keep costs down. So thats cool.