The Raspberry Pi Foundation is a UK charity which exists to promote the study of computer science and related topics, especially at school level, and to put the fun back into learning computing.
They plan to develop, manufacture and distribute an ultra-low-cost computer, for use in teaching computer programming to children. WThey expect this computer to have many other applications both in the developed and the developing world.
Their first product is about the size of a USB key, and is designed to plug into a TV or be combined with a touch screen for a low cost tablet. The expected price is $25 for a fully-configured system.
Check out this clip on BBC News.