I think that "smartphones" are less than three product generations away from becoming a commodity in the way that desktop computers did. In particular I mean that you could pick any one of them and get all or almost all of what you needed done with it, and that you don't necessarily need to buy the next model that comes out, because the one you have does just fine. (For me this did not happen with desktop computers until operating system virtualization and/or emulation became commonplace, and the same may be true for me here).
Palm's announcement of their new phone is interesting: although it was notably delayed in coming, perhaps by too much, it does look like they've been keeping up. The new phone appears to have feature parity with other such phones.