There is a huge amount of hype, and Palm is locking down their device with regards to media tests and reviews a lot. If you take a look at Palm's stock price it's following suit to the hype:
http://www.google.com/finance?q=palm
There are a lot of rumors that in production the device had a lot of issues and that there would be limited supply. However that remains to be seen.
I for one am pretty tired of WinMo. While the current mentality is a lot of fun I'm at the point of "give me a break already!" The guy who started this post said it well: Just give me a good OS out of the box. I think the guy's over at Palm have developed that.
A few things to note with regards to the chatter:
1. You'll likely have direct access to the file system within 3 weeks of the device being out as per the development / modder scene that will develop.
2. The device runs on Linux, so theoretically android is possible in the future.
3. With regards to syncing contacts: Right now I sync using Google's new contact sync system (it's amazing btw) and I can't see syncing any other way. (I can depend on Google's servers to not be lost in the back of a cab!)
4. You're really working with an operating system with Webkit directly built in, so your applications will be lighter but may also have a more accessible / hackable codebase. So whatever scene does develop should be pretty good at getting things customized.
In the end no phone is going to be perfect for a guy who is so used to cooking and flashing his own kitchen. As long as the stock gets us closer we shouldn't ask for more.