The upcoming Lenovo LaVie Z machines will weigh 1.7 lbs but be in a bulkier (tough) Magnesium-alloy case. Not sure if they'll have enough RAM, hd-storage, or battery-life for many, although if they're that light I'd probably be happy to carry an ac-adapter around for periodic charging:
http://news.lenovo.com/images/20034/Lenovo%20LaVie%20Z%20Spe...
You'll never heard about it in North America, but the most gorgeous laptop right now IMO is the Panasonic CF-MX3:
http://panasonic.jp/pc/products/mx3s/