The folks at Ceedo have not created the u3 flash disk or created portable applications, but what they have done is put together suite of applications in a convenient installer and interface.
If this is the first time you've ever heard of portable apps they are programs that are not required to be "installed" onto a computer's permanent storage device to be executed, and can be stored on a removable storage such as a USB flash drive and used on multiple computers.
Some applications in Ceedo's portable library are: Firefox, Gaim, Skype, uTorrent, Winamp, and Hydra IRC. The applications are separated within groups so you can find what you are looking for. The good thing is Ceedo will work with most portable applications like Portable Open Office.
The trial is free for 30 days then its $39.95 to register. It's not much to spend when you take into account that you can have a secure browser, your documents, and apps you use on a daily basis and you don't have to lug around your laptop or handheld. Also if you are going to use this app check out PortableApps.com
Working Info:
I've installed Ceedo on an Ipod video 60Gig without a hitch. Since I have autorun disabled on my computer it doesn't run as soon as I plug in my Ipod *In order to install this on your Ipod you have to enable it to be used as a drive. I'd give a disclaimer but I figure if you are using your Ipod as storage you don't need me to tell you to back it up (I will be covering that soon) and that we are not responsible blah blah blah.
On to the screen shots.

When installed it changed the icon for my Ipod.

After I opened my Ipod the Ceedo launch window came up.

The Ceedo task bar can be moved from left to right.

When you go to Add Programs the program directory launches.

Running Internet Explorer in Ceedo.

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