depends which Palm you're talking about, a palm with PalmOS or a palm with Windows Mobile 5 or 6. I've had palm os since the Pilot in many different models. I hate palm os with a passion. WM, I love.
In the end, yes, Palms have tons of features that iPhones don't and some are really great and came long before they were exulted as revolutionary on iPhone.
I've been using WM for the last two years (getting a 3G in July!). Here are a few great features:
-nearly everything on a palm can be done one handed. It's incredibly rare that you'd need to pull out the stylus
picture speed dials on the home page
-live weather radar and traffic radar pics on the home page
-limited to 6 email pop or imap accounts you can see which accounts have mail on the home page
-exchange, remote wiping, locking, etc
-search from the home page
-windows live search blows the doors off google maps. I've been using both since they came out for WM. I think it's clear cut...but you can choose. windows live can be voice activated, like "find cigars near 15217"
-flash websites
-easily adjustable registry for customization (some progs will do it for you)
-can view all types of media
-all of you tube not youtube mobile. can view other flash movie sites as well.
-mms,
- auto tm so when someone calls you, you can instantly return a tm saying you're occupied - can set about 12 different user messages.
-limitless source of apps
-skype calling
-voice launch, annc of appoints, callers, "call joe on mobile"
-video recording
-slingblade (watch your directtv on your phone)
-sd card or micro sd
-bluetooth and a2dp
-can listen to any streaming website, including sirius if you have an accnt.
-cut and paste (seems amazing that is a feature by comparison)
-web browsers opera, pocket int exp plus, several others, too
-full native office doc support. If you want to run a pp from your phone you can. if you need to edit excel or word you can.
-removeable battery (can't believe iphone is missing this)
-keyboard is fast & easy
-multitasking - while you talk to someone on speakerphone you can use and run other programs in the background- you can chat about a pp presentation or word file with someone while you work on it.
Treo is a more powerful phone, but generally it's going to require a lot more effort on your part to make it do everything. If you value media or simplicity go iPhone.