I love that it has a Linux based operating system. The hardware looks kinda nice.
But it's coming into an already crowded market. Competing with the iphone is not going to be easy. At least the iphone comes from a background of an integrated product line. Ie Buy MacBook for computer, Ipod for music, Iphone for telecoms.
Palm doesn't have that. It's got a proprietary version of the operating system. Only runs on one(maybe two with Pixie) piece of hardware, and is competing with very well established lines of smart phones and feature phones(ie anything with S60, WinMo, Blackberry etc)
If Palm had released it 5 years ago(or maybe when it bought BeOS), I would care a lot more.
Android is my bet, as I should be able to concentrate on hardware upgrades, and not having to learn another crappy software interface. I want a good operating system that works on multiple hardware platforms-and not WinMo(I said "good" :P )