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My recommendations in the sub-$AUD500 price range would be either the Palm TX or HP iPaq rx1950. I give considerable weight to the size (especially thickness) and weight of PDAs and these two are among the thinnest and lightest around.

All-round the Palm TX is probably the better buy. The screen is significantly better, and both usability and battery life have been hallmarks of Palm devices for years (although the latter less so lately). I personally have an objection to the casing of the TX and can’t help but feel it’s a little cheap - a shame considering the T5 had a great aluminium casing. The rx1950 is certainly the el cheapo of the PocketPC world, but no other comes close to its remarkable form factor (until Acer release their n300/311 - but these will probably be outside this price range). Depending on your preference, you may like to go with Windows Mobile 5 over PalmOS 5 (note that both are the latest versions of their respective OS). I’m not going to go into the relative pros and cons of the two here (maybe later).

Update: I have since purchased the Palm TX to use as a bedside clinical reference resource. I must say my initial reservations about the build of the TX were unfounded, and it, in fact, does not feel cheap at all. The blue-black plastic is elegant yet light in the pocket.  My final decision to go with the Palm was based on its glorious 320×480 HVGA screen, which made reading pages of medical text a breeze.