You should check out the discussions at PDABuzz under General, for massive Palm v. PocketPC wars.
Anyway, the Ipaq (for example) has a better screen than any of the Palms/Handsprings, is much faster, can run more intensive programs, and is generally more cool looking.
However, I own a Palm because of the battery life. I would dearly wish to have an Ipaq, but I am not in the position to recharge every night, and also the Pocket PC's suck down too much power just refreshing the memory when its off. Even if you don't turn one on, it will run down the battery in a week. My Palm, on the other hand, can last a month at least, although I use it a lot so it lasts about 2. Why? Because the StrongArm processor in the PPC's use a LOT more power. At 200MHz (what the Ipaq runs at), it uses about 15 TIMES the mw than the Palm (the Motorolla uses about 50mW, 66 peak).
This will all be moot next year when the X-Scale comes out (successor to the StrongArm). It's also an ARM designed processor. It will run 200MHz at 50mW, or the same speed as the Ipaq with the power consumption of the Palm! It can also run as fast as 1GHz, but this will really suck down the power. One of the most exciting features of the X-Scale is it really is scalable (hence the name). If you app needs 50MHz to run properly, it will run at 50 to conserve energy, and so will automatically "underclock". If it needs 400MHz, it will run at 400. By the end of next year or 1Q '03 Palms and PPC's will be running basically the same hardware.
Btw, I just ordered a Handera (used to be TRGPro). The old TRGPro was a real geek device. This is a PalmOS device, same size as a Palm III, but with higher res (320 by 240 b/w, same as the PPC's which will probably be the industry standard soon). It has a virtual grafitti area (you can turn it off for more screen room), can use CF, MMC, and SD cards as well as IBM microdrives off the CF, and is designed to use more batteries (or a really big rechargeable) to extend useable life 50-100% over the Palms now. So I expect to get 3-4 weeks off of this one. Handera's will be available in about 2 weeks (some ppl already have them due to special contests, so it is NOT vaporware).
I for one like B/W (at least right now), because of the much lower energy consumption. Sucks for games though if you are into that sort of thing (which I am not). At least on a handheld. For games, I will get a Gameboy Advance.