According to a source speaking to Brighthand, it will run a version of the Linux operating system that has been modifid by Palm to run on a mobile device. This will include a Garnet Capatibility Layer, allowing the Experience to run thousands of applications that were created for Palm OS-based devices.
As the image provided by this source shows, Palm will include the versions of the Calendar and Contacts apps it developed internally and has been including on Garnet-based devices for quite some time.
It will also have an application launcher that is close to the one on Palm OS Garnet, but has been altered to be more usable on a UMPC-like device like this one.
It will supposedly include 128 MB of RAM and a 30 GB microdrive for internal storage. There will almost certainly be some form of removable memory card slot, but this source didn't mention one.
The Experience will reportedly be available for both GSM and CDMA networks, and will include support for 3G cellular-wireless networks.
In addition, this Palm model will include WiFi b/g and Bluetooth 2.0.
Jeff Hawkins will announce the Advantage himself in May, and it will hit the market this summer. The exact release dates will be determined by the carriers offering it. The price will also be determined by the cariers, but its cost will likely be comparable to other UMPCs.