Palm and Apple have exchanged saber rattling with Palm convinced the patent app will not effect their phone and Apple intimating that they have the IP upper hand. It will be an interesting few months ahead. If Apple truly has a lock on multi-touch, it's over for not only Palm but others.
Personally, I think we're going to see an entirely different paradigm from Apple this June with the introduction of Snow Leopard. I say this because the goal of Snow Leopard is optimization and system file size reduction. These are nice to have benefits for sure but only worth it if there's an end product that warrants it. Exciting times ahead!