I recent purchased one of these from Dell.com for $124.24. The PDA itself is a great unit, it looks far better in person than in pictures. If anyone doubts the S320, check this out:
http://www2.pdabuzz.com/Reviews/
The S320 is third overall, out of all PDAs in user review. It is barely behind the M500 which cost WAY more and has minimal functionality over the S320. The memory sticks are not much of a setback unless you already own removable media of another type. Sure, Memory Sticks costs more but you can get good deals on them just like anything else. 32MB media from Dell was $23 something shipped a few days ago.
After using this for a few days, I would not trade this for anything costing $100 more. I use Afterburner to overclock and QuickBits to speed things up. The unit is FAST, the screen is great, and the ergonomics of the PDA are sweet. Even at $170, the S320 is a good deal compared to the M125 Palm offers up at $250. People buy the Palm just because it is a Palm branded unit... Do not let the Memory Stick scare you away from a great deal.
Not having the cradle does not both me either. I plug in the Sync cable and 15 seconds later it is done. It charges up very fast on the charge cable and the USB sync works just fine in XP out of the box btw. You can buy a cradle if you needed it amnd still come in cheaper than a Palm.