There’s a lot of hype stirring in the rumor mill for Palm – this time it has been confirmed and comes in the form of a new OS and a device on which it will be featured (based on the rumors, it will be the first of a family of devices). With all the hype and secrecy surrounding the new products, one can only hope that it lives up to the mania and saves Palm from hurtling into oblivion. The name of the OS will be “Nova” and the project is spearheaded by Jon Rubenstein, current executive chairman for Palm and former SVP at Apple. The team under Rubenstein seems to be a formidable and ambitious bunch that hopes to give Apple and RIM a run for their money. Filling the space between the iPhone and BlackBerry is going to be a momentous task, so we’re keeping our reservations about the new OS and device until we see it for ourselves at CES. Palm isn’t suffering from any delusions when it comes to performance over the next few months after massive layoffs and a withering economy. Whatever it is Palm is unveiling, it’s going to have to be very big.