The 5 Pen PC technology, developed by NEC in 2003, consists of five main components: CPU pen, communication pen, virtual keyboard pen, camera pen, and projector pen, all utilizing Bluetooth and internet connectivity. While it is portable and offers excellent battery life, it has limitations such as high cost, range issues due to its wireless nature, and the potential for misplacement of components. The technology represents a step towards more compact and efficient communication devices, with expectations for future developments.