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Originally Posted by ShannonElements
That's what I thought too. And people always talk about the 700w having 60-something megs of RAM. Get your facts straight LT! 
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LT and TazUK are right on this one. WM5 is similar to grown up Windows. Think of ROM as hard drive and RAM as system ram. The OS, programs, and a mirror of system ram (like WinXP hibernation) in case of power failure. RAM has a portion reserved for the OS, leaving 24-25mb for running programs.
When Palm says 128mb, 60mb user accessable, that includes system ram and unused space in ROM.