Rumor has it, Apple is working on a low-cost MacBook. And not “low-cost for a Mac,” but a proper cheap laptop, possibly as low as $599. For a company that traditionally targets the more premium end of the market, this would be something of an about-face.

Of course, Apple takes great pride in its design and aesthetics. So the company isn’t going to simply take the innards of a MacBook Air, slap them in a cheap plastic case, and call it a day. Instead, Apple is supposedly building a smaller laptop, with a lower-resolution screen and an “entirely new design” around an iPhone processor.

That chip could be some version of the A19 found in the current iPhone lineup, but analyst Ming-Chi Kuo claimed earlier this year that the company was working on a laptop powered by last year’s A18.

If the idea of a small, low-cost laptop running on an ultralow-power chip feels familiar, well, it should — we used to call them netbooks. Netbooks erupted on the scene at a weird time in the late aughts, when we were transitioning to a web-first computing world.

What set netbooks apart from other laptops was their pursuit of portability, battery life, and rock-bottom prices at almost any cost. The original netbook, the ASUS Eee PC, came in two sizes (7-inch or 10-inch) and ran on Intel’s budget Celeron M processor. But even that slow, low-powered CPU was too demanding for the tiny Eee PC, and so ASUS underclocked it to just 630 MHz. (Yes, back in the halcyon days of 2007, we measured CPU speed in MHz, not GHz.)

Intel saw this emerging trend and built CPUs just for the netbooks called Atom. In many ways, Atom chips were Intel’s answer to the growing might of ARM, and even formed the basis for its tablet and smartphone efforts. It’s essentially the reverse of what Apple did, which took its mobile A-series processor and turned it into a powerful laptop chip. (And, now back again, it seems.)

As we all know now, netbooks were not long for this world. A number of things helped spell their demise. For one, most of them were just never particularly good. And the ones that weren’t awful tended to be a bit pricer. Sure, you could get a 7-inch Eee PC for around $200. But something more capable, like an HP Mini 210 HD, could set you back about $385 in 2010, depending on the configuration. When adjusted for inflation, that’s a hair over $577. As the prices of regular laptops came down, this didn’t seem like a particularly good deal anymore.

But two of the biggest culprits are undoubtedly the emergence of the Chromebook and the iPad. (We’ll save the discussion of the Chromebook for another day.) The iPad was introduced in 2010, and it immediately started eating into the netbook’s market share. By 2012, tablets had overtaken netbooks, and by 2013, netbooks were effectively dead. Sure, some still lingered around, and you had a spiritual successor in the Chromebook, but the iPad helped kill off the netbook in swift and spectacular fashion.

Many of the things that one might have used a netbook for — browsing the web, checking email, shouting into the void of what was then called Twitter — were now being handled better by the iPad. And, when paired with a Bluetooth keyboard, the iPad was actually a decent productivity machine, so long as your expectations were low.

And so, the netbook vanished.

But this new, cheaper MacBook, at least on paper, sounds like it might be borrowing a bit from the netbook blueprint. Some people will just never be able to adjust to the workflow of a tablet and keyboard combo. So Apple might be giving them a proper laptop form factor.

While we don’t know what the screen size will be, we do know it will be smaller than the current 13.6-inch MacBook Air. That could mean 13.3 inches, but perhaps Apple will bring back the 12-inch format or even revisit the 11-inch realm of its smallest Air model. That’s inching into netbook territory.

Pair all that with a mobile-first SoC that will handle everyday tasks and browsing with aplomb, but certainly won’t cut it for heavier tasks like video editing or gaming, and you have something that sounds like the original pitch for a netbook if you ask me. Apple will obviously never call its new affordable MacBook a netbook, but maybe by avoiding the name, it can make them cool again.

Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.

• Terrence O’Brien