LaPierre’s new Passport is a folding full suspension mountain bike that comes with its own travel bag.  Unlike some “travel” folding bikes, this thing comes feature rich with a pretty decent parts spec.  Fox FRL 100mm fork (80mm compatible), Mavic Crossride wheels, Ritchey Logic semi-integrated headset, and a mix of Deore/LX/XT Shimano bits on the drivetrain.  Since none of the parts are proprietary, you can easily upgrade most, with disc brakes possible on the front at least.  Avid Single Digit brakes come standard.
MSRP is €2,000 ($2,792 USD as of 12/25/08).  Weight is 16.5kg (36.37lb) for bike and bag. Check it all the specs here, along with a quick slideshow showing the disassembly/foldup process.