SD is a newer form factor - and is rapidly growing in use. Not much in it beyond 1 GB - CF can be had now at 4 GB. CF is a very mature form factor, and the only one that fits in certain cameras. I would say it really depends on what you want to do and how you would like to do it.
Compact Flash is the weapon of choice for high end cameras. I believe that the biggest SD card is only 1GB, and the biggest CF card I've seen was 8GB (from Sandisk).
SD also has data encryption. That's why it is secure digital, but I have no idea how it works.
If your new Axim has a CF slot, get a 2GB sandisk card. I belive they run about $150. I use a 1GB Ultra II CF card for my digital camera and it rocks.
I use a SanDisk Extreme 1 GB - very fast - in a very fast, high end digital SLR (Canon EOS 20D). I never wait on the media, nor do pictures. I can snap as fast as I can frame 'em.
Microdrive will work in a C/F slot (type II, I believe) but they do eat a bit more juice. As for encryption of photos - why???
Each brand denotes speed differently. Lexar uses a number and a "X". They are good as is SanDisk.
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