Palm tried to launch its own respectable netbook and failed miserably. Remember the Palm Foleo? But know things could change for the unimpressive gadget. Palm is said to launch a Foleo running on webOS and packing inside a Gobi 3G chipset, an ARM CPU and a battery capable of offering you 8-10 hours of undisturbed, unplugged activities.

At least that’s what an analyst with Global Equities Research says:

Trip Chowdhry, an analyst with Global Equities Research, asserts in a note to clients today that Palm is doing exactly that: he says they intend to produce a $399 netbook that will run the Palm Web OS that debuts soon on the eagerly awaitingPre smartphone. Chowdhry says the device will use Qualcomm’s Gobi 3G wireless chip, ARM chipsets and have 8-10 hours of battery life. He says the device is being designed by three ex-Apple iPod guys. He also says the netbook will only support browser-based applications, and not “native applications.”

Will this Foleo version be worthy of your attention? We’re anxious to see how this one will look like. The netbook will cost around $399 or even less if purchased with carrier’s data plans. Or at least that’s the word on the street right now.