My colleague Andrew Poliak has posted what I think is an insightful blog about Meego & Terminal mode.
Also, I'd like to point out Apple/BMW’s announcement for adding Facebook & Twitter as well as other apps to iPod out. The feature has to be added app by app, which might not matter. Application developers will be the ones doing all the work, and if it’s the big app developers, they’ll be motivated to get themselves into the car. Because it’s Apple's I think it’s a serious competitor to Terminal Mode.