Palm may consider that they have more customers than Apple, so it's up to Apple to adapt... as long as the iPod (or another iHardware) does not serve as an organizer too.
My prediction is the PDA's heyday are dying. With the advent of 3G or better phones and the cool glare of PDAs dying, traditional PDAs are going the way of cassette tapes.
Third-party developers have already come aboard (Missing sync) and said they'll offer a connection platform so Macs will still be able to HotSync with Cobalt.