HP just announced and posted up a teaser video on YouTube (see below) of their upcoming Color Tablet eReader called the "Slate" with a full color multi-touch screen display. Now we know why Apple didn't call their eerily similar product now known as the iPad the iSlate.

There are a few key differences that HP mentioned on their Facebook Fan Page. One being that the Slate will support Flash content for web browsing. The other is that since Apple has already set the bar for this type of device, HP will need to one-up them either with features, price or both. Speculation reports that it may run Windows apps. HP has been in the tablet PC market for a long time so I believe this will be a quality product to compete with all the big competitors.

So far there is no release date or price set.