Fujitsu announced this morning that it ‘s selling a color e-book reader — I’m sorry, they call it a “color epaper mobile terminal” — named the “FLEPia.” I would guess it’s pronounced the way you’d think it’s pronounced.

It’s been a long time coming. Fujitsu first announced the FLEPia nearly two years ago, in April 2007. According to a Fujitsu press release, the FLEPia will have an 8-inch color electronic paper screen capable of displaying 260,000 colors in high definition. It’ll also support Bluetooth and wireless technology. Color, huh? Expect to see the words “Kindle killer” in a lot of headlines. If the battery lasts as long as Fujitsu said it will — 40 hours — that’ll certainly help the company take on the reigning e-book champ. Then again, Amazon.com claims the Kindle will allow you to read for four days straight, even with the wireless network on.

And the FLEPia won’t let you wirelessly connect to the Amazon.com Kindle Store. Despite granting access to the iPhone and iPod Touch, Sony Reader fans are still contacting Sony for their e-books. Fujitsu said the FLEPia can access Papyless, Japan’s largest e-book retailer.