I don't think so. Yesterday I read a Brighthand
article claiming that PalmSource had now the chance to pick up and jump ahead of Pocket PC by finding licensees for new and better Palm OS-based VGA handhelds. I think Ed Hardy of Brighthand makes it too easy for himself by comparing technology that currently only runs in an emulator (Cobalt) with technology that has already made its debut (Windows Mobile 2003 SE) in real handhelds months ago.
Instead, Ed should have also considered Windows Mobile 2005, which, among other things, promises better graphic support (Direct3D Mobile built on DirectX), and is only due in a few months. And where is Palm OS by then?