Yeah boi, I have a ViewsonicV37 ppc, I love it... best thing I have ever brought. You'll be able to to save about 7 crappy quality movies or 4 high quality movies to a 1Gb SD. I only have a 256mb & 64mb SD's, and I manage fine. I put MP3's on 64mb and movies on 256mb, i have an extra 64mb internal flashdisk to install, games, apps, etc.
Go here
http://divx.ppccool.com/ and download "PocketDivXEncoder_0.3.50", this is by far the best software for converting movies to a playable format for handheld device's and its free. Im not sure what kind of OS you palmpilot uses, but if you can get "Beta player" to run, thats the best for watching movies, its outstanding. Make sure you get the unstable version as it plays alot more formats and is heeps better than anything else available.
Your going to need a DVD rip tool as PocketDivXEncoder will not convert .VOB files, but will convert any other, avi, asf, wmv, divx, xvid, Mpeg 1 & 2 etc.
I have not ripped a dvd in yonks, its normaly the other way around for me, so I cant give you any advice as to what is the best software currently available to you.
Add me to your MSN, i have a ton of software for you
PS. What OS does you palmpilot use?