Source: Ken Novak's Weblog.
U3 - New USB memory/device standard: U3 makes the promise of anywhere, anytime, any PC computing a reality. By combining the widely adopted storage capabilities of today’s UFDs (USB Flash Drives) with the ability to transport and run applications from a small UFD, U3 ensures truly personal and portable computing. The U3 standard enables developers to create easy to use applications that minimize the complexities of today’s digital life. From your own email folders to healthcare history to fully functional work applications, U3 makes everything available anywhere without having to access multiple devices or lug around a laptop.
Called a smart USB flash drive, these drives enable consumers to carry all of their personal computer settings, applications and data for use on any PC wherever they go. The new Verbatim smart Store ‘n’ Go USB flash drives will be availabe worldwide [in 2005]. .. The U3 platform includes three components. U3’s hardware specification gives manufacturers the core technology to build their smart USB flash drives. The U3 software developer kit includes sample code, a standard set of application programming interfaces (APIs), and thorough documentation. The U3 Launchpad is a friendly graphical user interface that is used to access and run applications.