The Treo 700w (or whatever) is Microsoft's Blackerry killer. It will push not only e-mail but everything in Outlook out to the Treo - calendar, contacts, etc. etc. They have been looking for something like this for quite awhile, and really resent RIM's success in leveraging off their software.
Cobalt has not appeared in any device so far. I'd suyspect that Palm won't spend too much effort on further releases of the Palm OS.
The 700w won't have built-in wifi - just support for a wifi card. Since it does not have two slots, use of wifi will be limited to certain types of applications. How long will it take before there's Skype - or something similar - that runs on Windows Mobile 5? Not very. Sure, you will be able to get along without a carrier, but you may have to switch cards. Or maybe SanDisk will come out with a combo that has a couple of gig on it.
Shneor
They also (like Apple did) are going to orphan a lot of developers, both who make hardware and software by such a move. Granted, you choose to develop for an OS, and most agreements allow the group you want to develop for to cancel at any time (they are pretty specific about what they allow) so it's a risk regardless. I consider big groups like Cingular, who just announced their big plans to support further PalmOS development in particular. This is perhaps as significant, because Cingular has more customers than VZW, and also supports older GSM technology, which most of Europe still uses. True, Apple didn't care, so maybe Palm doesn't either, but they might.
Their specific commitment to the 650 as an existing PalmOS device pretty much guarantees that we won't see another PalmOS Treo, unless someone can hack the new one, whatever its name will be. But to their credit, with MS behind them, who cares? It looks like they made some minor mods to the 650, stuck in a smaller screen (will save money), perfected the hardware a little bit for network (yes it was already there) and BT, and voila! A new device! The lack of a hires screen is really annoying, because though WinMo is native to 240x240, it's not required...Windows uses a LOT more real estate than PalmOS did.
Either way, it was fun while it lasted. Life goes on. Thanks folks, it has been an enjoyable time. Once again, I find something neat and new and something manages to kill it!
*snif*