After hours of research (don't own either yet), here's what I've come up with:
1) Screen- Ipaq brighter and larger, Jornada more accurate colors and "dust problem". Winner- Ipaq.
2) Sound- Ipaq louder and treble/bass controls. Winner- Ipaq.
3) Compatibility- Ipaq is the standard. Winner- Ipaq.
4) Performance- Ipaq has video slowdown problems related to change from older Ipaqs. Winner- Jornada.
5) Buttons- Jornada has nice round d-pad, Ipaq has weird squished oval. Winner- Jornada.
6) Expansion- Ipaq has sleeve options that add bulk and built-in SD slot. Jornada has built-in CF slot (inexpensive to add storage) and removeable battery. Winner- Jornada.
7) Protection- Jornada has a (better) built-in screen cover.
And the winner is: Jornada. Lack of built-in CF slot is a deal-killer for the Ipaq.
What I'm really interested in is other people's opinions on this analysis, especially if you own one of these machines. Thanks