We don't have a lot of information at the moment, but CNET is reporting that Lenovo is getting ready to launch the world's first ION-based netbook. While CNET doesn't give it a model number, the filename used on the image reads "LenovoS12netbook" and is said to pack discrete graphics and NVIDIA's Ion
Update: PC Perspective has additional detail about the S12: 1.6GHz Atom N270 processor, full-size keyboard, and what looks like an HDMI-out when it lands in July or August for less than $600.
Update 2: Interesting. Netbooknews.de has a proven record with insider-netbook news and claims that the S12 will eventually include a Via Nano processor option.