Palm also has sales channels with the three biggest US carriers (Verizon, AT&T, Sprint), as well as carriers in Europe like SFR and O2. Bell (Canada) gets tossed in for flavor.
Finally, there's WebOS. While WebOS launched rather immature, it's been developing incredibly rapidly. The OS in its current state is incredibly capable, and a joy for both developers and users. It's more usable than Android, more capable than the iPhone (even after OS 4), and blows Blackberry out of the water in almost every respect.
What Palm's missing is solid hardware and enough runway to get developers online. They won't have all their developer tools up until this summer, and it's questionable whether they've got enough cash to get past fall.
I hope that whoever acquires them doesn't kill WebOS. I'm an extremely satisfied Pre owner, and I dread the prospect of having to jump to Android or the iPhone (shudder).