Acer is readying an ultraportable that it hopes could take on Apple and HP in one fell swoop, the company reportedly said today. While it has had a relative amount of success with its Timeline lightweight notebooks, the Taiwan firm is believed to be developing an "ace in the hole" system that would use ULV Core i5 or i7 processors and measure just 0.75 inches thick, slightly thinner than the MacBook Air and much thinner than HP's current lineup.