Yes, I know what I said sounds insane, but there is some truth behind it.  I have a Casio EM-500, 150 mhz processor, not quite 206, but close enough.  Anyways, take a 28mhz palm, or a visor platinum, and an ipaq, and make an avantgo channel for these very forums, and see which one comes up first.  It might not be as pretty on the palm, but it formats WAY faster.  Its an absolute total pain in the ass to get anything but simple web pages and pre made portable content to have a decent speed on any pocket pc, and I am saying this from experience with several palms and pocket pcs.  Try adding a channel for voodooextreme and it'll take a good couple of mins for it to come up.  
Sure the palm browser is not quite as feature filled, but do you need all of that on a PDA?  I havent tried a palm IIIc so I dont know how well a palm will handle color, but I used to have a Aero 1550 and 2100 (basically the same, one with and one without color), and the speed was the same so I doubt color has much to do with speed.  
Now I'm not going to argue that a 206 mhz processor wouldnt be nice, no matter how you look at it, a 16mhz processor isnt going to be playing mp3s or movies anytime soon.  
And its not just the browser.  Now dont get me wrong, I'm a fan of pocket pcs, but theres something seriously wrong.  Even for simple PIM tasks, the pocket pc needs far more comparative processing power, not to mention memory.  Why on earth should I have to reserve half my ram just to run the program?  You dont even need program ram on a palm.
I used to stick with pocket pcs, but not only is the palm faster, its more functional.  I have yet to find a decent database for the ppc (MobileDB for the palm), and its also impossible to find decent school management software for the ppc (Four Zero, a must for any student).  If pocket pcs had comparable software, I'd waste no time in going back.
Each platform has its merits, but palm seems the way to go, FOR NOW.  Pocket PC is definitely the future.  Going back to a 160x160 8bit color screen is hard from the EM-500 screen (320x240, 16 bit color, and just plain beautiful).  Photos look WAY better on it.
So where do these problems lie?  I believe it stems from two factors, the non proprietary nature of the pocket pcs, and the pps trying to bite off more than they can chew.  Windows CE is not only written for handhelds, but also for many other platforms, such as embedded OSes.  So some bloat lies there.  Also, ppcs run on three different processors (Mips, SH-3 and ARM), and programs have to be recompiled for each.  So not only does the os have to be translated (A VM or so?), so do the programs, and thats a LOT of overhead.  Its that reason that Java is so much slower than C++, and C is much slower than assembly level machine language.  As far as I know, palm software has to be almost always written in assembly, or some other very low level code, and I believe Visual Studio or some high level language is used for PPCs.  Having one processor across the entire lineup, albeit a very slow processor, definitely has its advantages.  
Also, there is simply no reason to fully format a web page on a PDA.  With only 240 pixel wide screens, scrolling to the side is a major pain, and the fit to page option in mobile IE doesnt always work as advertised.  If my p90 laptop can format voodooextreme in seconds, why does it take minutes on a 150mhz PPC?  They are in SERIOUS need of optimization.    
Now none of this matters if the PDA gets done for you what you need it to.  As long as its fast enough, processor specs dont matter.  But the simple fact lies that PPCs can be extremely slow at simple tasks, and while palm may not be as pretty doing the same, at least it gets it done.  I am NOT a palm junkie, after using both platforms heavily (I've been through a Palm IIIe, IIIx, IIIxe, hopefully a IIIc soon and a Compaq Aero 1550, 2100, and casio EM-500), I just cant deny that palm gets the job done for now.
As far as the 1550 goes, its a great unit for the price, the 70mhz processor aint that bad, it gets the job done, but dont expect to be formatting major web pages, typing major documents in pocket word, and reading long books with microsoft reader.  And the black and white screen goes, its prob the best I've seen so far.