The iPhone will not be able run programs created specifically for Palm OS or Windows Mobile. Nor OS X programs for that matter, Apple iPhone apps only. Widgets may allow for some third party development.
This is not quite right. All apps which run on the iPhone will be Apple-approved which is not the same as Apple-developed. It is my understanding that this goes for widgets as well as binary apps.
The iPhone will not be able run programs created specifically for Palm OS or Windows Mobile. Nor OS X programs for that matter, Apple iPhone apps only. Widgets may allow for some third party development.
In other words, offer games or programs through iTunes.
In regards to your original question, as it stands now there is no program nor will there likely be one in the near future to run palm and windows programs on an iphone. If you need to run palm and windows programs buy a windows mobile phone and styletap, a Palm OS emulator.
We're not ready to announce an official StyleTap for iPhone/Touch version yet, but we have done some experimentation with it. Here's a short video of what it looks like so far:
It looks promising. This experimental version can run ARMlets and because of the screen size, uses hi-res (double density) bitmaps and fonts.
If Apple's security and application installation and distribution scheme isn't too restrictive, it looks like StyleTap will be able to run the same applications on the iPhone/Touch, Symbian and Windows Mobile/CE platforms. This should go a long way in helping developers deal with the mobile OS fragmentation problem.