Just when you thought that the team at Palm was ready to offer us something new and exciting, CEO Ed Colligan goes on the record telling us that they are no longer pursuing the Palm Foleo concept.

Originally dubbed as a “mobile companion”, the Palm Foleo was designed to fit somewhere between the company’s semi-popular Treo smartphones and full-sized compact laptops. In many ways, you could say that the Palm Foleo was supposed to be like a UMPC, complete with a large touchscreen display and QWERTY keyboard.

Well, I guess they decided that it wasn’t worth their while. At least for now. In Palm CEO Ed Colligan’s own words:

In the course of the past several months, it has become clear that the right path for Palm is to offer a single, consistent user experience around this new platform design and a single focus for our platform development efforts. To that end, and after careful deliberation, I have decided to cancel the Foleo mobile companion product in its current configuration.