if only there was a good (and hopefully cheap) hardware device to go with webOS, it would definitely be cool to hack with. The Palm Pre, however, in my opinion did not function as a useful device, mostly because of the hardware (and lack of applications compared to iOS and android devices).
Care to elaborate on the hardware? Speed seemed decent enough (compared with e.g. the first iPhone) and I personally really liked the "pebble" form factor. Sad that it'll never see webOS 2...
Some additional hoops to jump through but it's entirely doable along with overclocking, you end up with a pretty snappy device.