I have a Dell Axim and my two favorite activities are watching movies on it (Betaplayer is a good app for this) and reading ebooks.
Reading ebooks is my favorite thing about my PDA so far. Carrying around a few dozen of my favorite books in my pockets is awesome. And MS Reader is slow as hell, but the clarity of the text is amazing. No strain at all on my eyes. The only downside is most books are no available egally. It sucks, but until they start selling more ebooks you have to get them through other means. On the positive, the books that are availabe are cheap. I got Angels and Demons, new book by the Davinci Code dude, for 5 bucks.
Check out some of the PDA forums for some other ideas. I have toyed around with the idea of getting a GPS extension for my PDA too. Undecided on whether I will do it.