Ed Colligan, Palm’s CEO posted this message on the company’s official blog yesterday, regarding their decision to cancel the release of their Foleo product in its current form, and focus on their next generation platform.

Om Malik has a good write up here.

You can also read more about the announcement (with some good discussion) here at Gizmodo.

I mention this here because I thought it was a good example of a company making a difficult decision (taking a 10 million hit), in order to focus on their longterm success. I also think Palm’s post does a good job of explaining the reasons behind the decision as well.