I recently found out that after months and months of waiting, the Treo is finally being sold through a company called e-Digital. It retails for $250 and has a 10gb hard drive. The case is diecast aluminum.
For an idea of how the Treo compares to the iPod, ZDnet UK did a comparison of the features found on both. It's quite obvious that the iPod beats the treo in several respects, particularly battery life, antishock, and download speed. However, the Treo costs $150 less, has twice the hard drive space, and has a line-out so headphone nuts like us can hook it up a headphone amp. More importantly is the fact that the Treo can be used for PC (what's the status on the iPod windows software, anyway? if that's out than this may be a moot point). A few other cool features on the Treo are its 5-band equalizer and supposedly extremely high powered headphone jack (100mW). That could be a falsity, however.
I'm quite intrigued by the Treo, personally. this could be one heck of a portable!