I had Palm IIIXE for 3 years and around Christmas I got an IPAQ1940. Then I had problems with its Bluetooth and so I returned it and tried Sony TG-50 which I eyed for almost a year and is now quite cheap. I quickly realized that the Palm OS was nowhere near as nice for communications as this IPAQ (which I repurchased, this time without any hardware problems). For setting up Bluetooth connections (I have a BT phone which I use to connect to Internet when mobile), integration with Outlook email (especially synchronizing folders and having multiple accounts!), simplicity and power of wireless file exchange (full Bluetooth profile and file system), not to mention that web browser was actually useable unlike on Sony - the same NetFront 3.1 runs much better on IPAQ due to having enough memory. Some of this is alleviated if you get a Tungsten since it has sufficient memory. But if you use Windows, the integration is far better and you don't have to buy extra software (Documents on the Go) which can get quite expensive, and as far as email goes if you integrate with Outlook there's just nothing on Palm that integrates folders so seamlessly (as well as attachments and so on). It is actually quite useable for web browsing, due to smart fit option of NetFront, and the limiting factor is the speed of GPRS, not the processor. E.g. browsing head-fi is just fine. It is much better if you browse using Bluetooth from home as you get 30kb/s (Sony was only getting 12kb/s transfer rate btw.).
HOWEVER, while for communications I belive IPAQ is much better, for use as an organizer, Palm beats PocketPC machines. Quite simply, memos are far better organized on Palm, and I personally rely heavily on memos for everything so it's a problem for me. It's a big mess on IPAQ and integration with Outlook - well, Outlook doesn't really support categories meaning that you can't use it to browse memos. Contacts are also better in Palm though the PockePC is quite useable. Also, Palm Desktop is great for looking up contacts and memos, and modifying them, unlike Outlook which is only good for email, really. If you don't plan on using communications or you can live with (severe, in my opinion) limitations, then the Palm is quite a viable option. Sony machines are very sexy, TG-50 really looks great, feels great and has a fine keyboard. On the other hand, IPAQ1940 is very thin and light and is cheap too. Most other PocketPC machines are big.
Then again, I also recently got a Toshiba Portege R100 ultraportable laptop. This thing is thinner than most of my fingers and is only about 2.4 pounds. Easy to carry around. Or something like Panasonic Toughbook CF-W2 which is an amazing machine. Unfortunately expensive (I found Toshiba at a really good price so I bought it, and even then it's going to be affecting my finances for months to come). But if laptop were not light it would just be left at home all the time and for me it would be a wasted money. Now I can carry it in my bag whenever I want. Still the PDA is far more portable, if you go out carrying nothing but your wallet and phone then PDA is the ticket.