Yes. It only runs m68k programs, not ARM programs, but that still translates to almost every PalmOS program out there. The ones it doesn't run are things like TomTom, and AvantGo (although it does run the AvantGo sync program).

But most PalmOS programs are not ARM programs. Networking programs are also fine, like Google maps and Metro Update.

The big problem with GVM is that the applications can't see the SD card(s), so it's tricky to get data out of the system (getting data _in_ is easier, if it's a .pdb file it can be copied in by the external application installation program, also from SD). Bluetooth is also invisible (except that if you use BT for your networking then the PalmOS apps will see the network). About the only way to get data out is to install a PalmOS ftp client and upload files that way.

I haven't tried to use an external keyboard so I haven't run into those return key problems mentioned.