HP had always been an engineers company. For a long time their products were geared pretty specifically toward engineers. Their products were sparse and functional. This is sort of the problem I see with their acquisition of Voodoo, that deep down, the companies had vastly different "feels" that don't equate in the scheme of one another's ethoses. I think in a similar way, they'll probably have trouble even making a handset people like. What appeals to people when they buy a handset/smartphone is different than going out and buying a scientific calculator because it uses RPN. And in all honesty, I don't think given their pedigree, that they're going to be able to make a smartphone that will have placement. But There is a strategic value to their acquisition...The ipad has shown that there is an even more weird marketplace for portable devices than people probably expected.
Let's be honest here, the ipad is a really weird fish. And people carry the things around like they were a phone/netbook/laptop, they have a big exposed screen, a danger to itself in that way, they're an awkward size for a portable device, small but not small enough for a pocket. The point is, that it's weird, of marginal use, and people buy the things. Yes it's apple, and yes they can sell any of their wares to any of their devotees, but It also shows that people like little gadgets. (We already knew this I hope). Clunkier and weirder the better probably.
Even though any sane person has gotten fed up the the gadgetry at this point, There is a need for some of the stuff, and people are quirky. Palm's acquisition does have some potential value, if they're smart enough not to enter the smartphone market, and go instead to something more in the direction of smaller-than-a-laptop mobile devices. A small sleek OS for devices like that could be a goldmine. Provided they don't put themselves directly in conflict with apple.