I have dug up the relic from my college days, the Palm III mainly because I felt like doing some reading of the public domain stuff on the awesome Project Gutenberg. The experience (which I tried before) has been great so far. I am using The Weasel Reader because of its use of the zlib compression algorithm, Trying to stretch those 2MB as far as they will go. It has been great. I am almost finished reading Down and Out in the Magic Kingdom by Cory Doctorow and the experience has been great. First it's a pretty good story, that is available under a creative commons license and I was able to read it very fast, because for some reason I was able to take my palm and read a few pages in lots of places that ordinarily would have warranted a raised eyebrow and some somewhat insulted/joking remarks about my being bored with their company if I was reading or even carrying a dead-tree book.
I'd recommend reading that book, or buying me a newer slightly smaller, with better resolution and more memory screen palm :), or checking out A Place So Foreign and Eight More also by Doctorow, which I bought and recently finished. Some good stuff in there. I think he released some of those short stories under a creative commons license as well, link.