I don't really rate this device above or below anyone elses. Seems pretty much standard touchscreen interface and usual add-ons for this type of device family, albeit, Apple, Nokia, Samsung, HTC, Palm, Blackberry, LG etc.
The key differentiator as to whether these devices will be succesful (assuming UI experience is approximately equal) is going to be the accessibility to the OS and how easy it is to expand in either hardware or software terms.
In this area, Apple have some advantages, MAC OS which is well known so has a huge development base and an appstore which makes it super simple to download applications. However, the fickle smartphone market demands redesigns because the device is also a fashion accesory if they want to target mass market consumers.
Very rarely does a device design survive 3 years without it going out of fashion, irrelevant of capability. (e.g. Moto Razr series, or the Nokia N95 and spin offs). For Palm to make this device competitive, they need to develop the services around the device which supports the mass -market drive that is currently occuring with Smartphones.
https://www.gartner.com/it/page.jsp?id=827912Even looking at 2008 3rd Quarter stats, Palm have a long way to go still, one possible disadvantage in this competitive landscape is the move towards free OS's Android, LiMo, and Symbian are now free which means its more cost effective for 3rd party manufacturers to develop devices on these platforms... I suspect this will be a larger issue once mass-market penetration has been achieved due to the large amounts of fashion conscious users out there.