The SoulPad is the name for a small portable device with a small operating system that you could carry around in your pocket (it's meant to be no bigger than a cell phone) and plug into any computer you want to run your own operating system (your own computer really) from the SoulPad. Eventually all you'll need is a monitor to plug the SoulPad to. The product IBM is proposing is the SoulPad device itself, to make something as small, to make it portable, to make it able to reboot any computer it connects with.
Interesting. I thought IBM was completely out of the PC market with the sale of its PC unit to China's Lenovo corporation (Im typing on one now) Lenovo wanted the IBM name for worldwide acceptance and the brand respect but chose to revert to Lenovo. I imagine IBM will continue to develop new PC technologies but license them to hardware manufacturers.