Shuttle thinks that Pine Trail, the underlying platform, can be used a little differently.
What you're looking at is the Shuttle XS35, which appears to resemble a 3.5in hard-drive enclosure on first glance.
In reality, it's a barebone PC 'nettop' powered by the dual-core Atom D510 - desktop interpretation of Pine View, complete with integrated graphics - sat on top of an NM10 chipset.
The box of tricks supports a 2.5in SATA hard drive and slimline optical drive. There's also an option of having the X35 with an NVIDIA GPU - ION 2, if we were betting.
Equipped with HDMI, it looks like a fairly neat solution for a small, cheap computer. The ION 2 model, should it arrive, will be the one to go for, we think.