MSI is indeed working hard on its Ultra low-cost Notebook, and it plans to preview it at Cebit. High ranked sources within the company confirmed this to Fudzilla.
It seems that MSI plans two versions of its notebook. One will have a 7-inch display, while the second (probably a bit more expensive) will feature a 10-inch display. As you can imagine, MSI wants to compete with Asus's highly successful Eee PC and wants a piece of that pie.
MSI is known as the company that listens to feedback and it will create the final stuff after Cebit. It looks that the company plans to launch this new notebook by the middle of the year, probably at Computex in June 2008.
We will let you know if we get more details, but the project is heavily under development.