Can the IPAQ Run PalmOS or Linux?

Deslock asks: "I drool over the Compaq IPAQ hardware, but don't want to deal with WinCE (ver3.0 is an improvement, but retains much bloat). According to this story, the IPAQ stores the OS in FlashRAM, so I'm wondering what other OSs I can run on this cool device (Both the next PalmOS and the Yopy will supposedly use the StrongARM)."