To start with, below is a video of the IdeaPad S10 and ThinkPad T400 booting into HyperSpace from a cold start.
As you can see from the video, it's not quite as fast as SplashTop at booting into this lightweight Linux environment. It's still fairly quick though and much quicker than waiting to boot into any version of Windows. If you didn't notice from the video, HyperSpace is actually lodged on the hard drive and is not embedded into the BIOS. When the system is booting you can optionally hit F4 when it comes to the HyperSpace boot-loader if you would prefer to boot directly into your traditional operating system.
On both Lenovo samples we found a roughly 1GB hidden partition that is where HyperSpace resides. However, when mirroring the hard drive found in the Lenovo ThinkPad S10 and attempting to boot HyperSpace on a Samsung NC10 netbook it would simply reboot so we imagine there is some form of low-level copy protection. Phoenix Technologies hadn't responded to any of our technical inquiries about HyperSpace.