With Alienware discontinuing the M11x, Clevo and Sager have picked up the slack with a new 11.6" beast that offers non-ULV Sandy or Ivy Bridge processors together with the nvidia 650M, for what should be the most powerful subnotebook to date. This model is popping up under the guise of a number of different brands, including Sager, Origin, Maingear, and Mythlogic. The Sager branded model is also available from a number of outlets, like XoticPC, LPC-Digital, and others.
In addition to the greater performance, Sager/Clevo resellers offer much greater customization than Alienware in choice of hardware (except the GPU). The CPUs are socketed rather than soldered, so users can even upgrade this later if they wish. Some resellers also offer matte screens, but they are pretty expensive.
There is a video of the laptop playing BF3, and apparently doing so quite well:
Only a few people have received their laptops so far, but from what I've read I'd say the pros and cons are like this:
Lots of customization options
Better screen than M11x
About the same weight as an M11x
Much better price:performance ratio than an M11x
Battery life may be lackluster, at just 3.5 hours of light use--despite having a similarly sized battery to the M11x
Screen is a bit dimmer than M11x
no back-lit keyboard
Heat. Despite a powerful fan, this thing can get very hot, running 60C at idle and a bit north of 90C on the CPU under heavy load, although throttling doesn't seem to kick in until 95C. TDP is 105C, so it is within parameters, but it is something to think about when selecting a CPU. GPU temps seem to stay below 90C.
Fan noise. Just haven't seen any comments about it at full speed. Very quiet when not gaming, though.