Hearst: First E-Ink and now DigitalPaper?

Paid Content has a story about a Hearst financed venture called FirstPaper, which has big ambitions. It is operating in stealth mode, and little is being said about what is up: but here is a glimpse from one of the recruitment ads:

A startup company which is well-funded by a huge media conglomerate located near Columbus Circle is looking for highly skilled, professional C# developers to help build software services around an innovative hardware product which will revolutionize the media publishing industry.

This is truly an exciting opportunity to get into a well-funded startup and help define the next generation of media products....

Most of the big magazine and newspaper publishing companies have been somnolent in their attitude towards web innovations. What little they have done generally has not worked too well. Hearst would seem to be an exception, early investments in E-Ink and now FirstPaper.

I like the name, I wonder what it will do? It does sound as though it might be a new kind of digital reading system (Hearst/First, E-Ink and now E-Paper), a competitor for the Kindle perhaps (noticed via the Read20 list).