Johannes reported that the firmware isn't complete yet, but the ereader should be available in December for 200€. A 3G equipped version is planned for 2011.
I've seen the hardware before (kinda). Do you recall the post about a month ago about the Pocketbook 602 clearing the FCC? This particular Medion model was named in the paperwork. Of course, Pocketbook has since changed the 602 so it's now a different piece of hardware.