This is now the 3rd Kindle clone I've seen with a 7" LCD screen. Like the rest, this one has Wifi but no touchscreen. It's also locked down; it won't come with a browser or apps. As you might be able to tell from the picture, it will be using the Kobo ebookstore.
This ereader is actually made by a company called MercSource (they licensed the Sharper Image brand name). It's going to retail for $159 when it hits the shelves in October.
P.S. Does anyone want to bet on how many Kindle clones we'll see with 7" screens? We're up to 3 already; I'll put $20 USD that we'll see a total of at least 6 by the end of the year.