It's not simple, delightful, or even magical, but it is called Fiona, and Razer say that it will bring an "all new form factor" to PC gaming. The mystery product will be revealed at the Consumer Electronics Show 2012, which starts next Tuesday.
There's speculation that Project Fiona could be Razer Switchblade thingy, which was shown as a concept design at CES 2011. The keys on the Switchblade are supposed to act as windows to a second screen beneath, allowing the layout to change depending on the game you're playing. It also has a touch screen interface, and is teeny. Let this very serious man tell you all about it.
Then again, Razer could be announcing something else entirely, like a cloud of strawberry flavoured interactive nano-gas that allows gamers to hallucinate game environments at impressive resolutions. It's unlikely, though, as that'd class as both "magical" and "delightful." We'll just have to wait and see.