I am very excited about the phone.
Yes the phone has only 8gigs and no expansion (still to be confirmed) but theres a Centro 2 running WebOS coming this fall (according to T|C)
This phone will be great, because it has the best CPU out there (TI Cortex A8), the convenience of one handed use and an innovative UI!
The gesture area is a great idea as it facilitates one handed use (You can easily reach it with your thumb when the keyboard is opened while it is impossible tu use the touchscreen one-handedly (too far))
WebOS uses HTML/JS/CSS for app development but
Those are local apps with hooks to the local device functions. Those are not web pages.
There seems to be Java on the phone (http://discussion.treocentral.com/showthread.php?t=175544
The core of the OS is Linux, meaning local apps are possible (And Palm reps DID state there "might be deeper access" to the OS later)
StyleTap has expressed interest in writing an emulator of PalmOS (Please note that there is already a PalmOS Emulator for Linux running on the Maemo platform, found in Nokia tablets. Also note that the next version of the Nokia tablet is said to also use TI Cortex A8 CPU)
The keyboard looks great! Rubbery like the Centro but curved like on the classic Treos
So, I am not too worried and am really excited.
Definitely something I want as soon as I'm due for a renewal of contract.