Summary: My review is from the perspective of a business professional who actually has use for the features of this phone, rather than the plague of technogeek children who normally post "reviews" on this site. I can tell you straight away, it's like having a second brain, secretary, and laptop attached to your belt clip. While not truly perfect, (more like a 9.5), I'm rounding up and giving the Treo 650 a perfect "10" in order to offset the enormous number of seemingly clueless people who rated it so low. In a mere two months, this device has become absolutely essential for me to do my job successfully.
First, to address the issue of the phone volume, I have talked on it extensively, both with a headphone and with the built-in speaker/mic, and I've been completely satisfied. Contrary to what some have said, it is quite audible and easy to hear, and I've had no complaints from the party I was talking with, in environments ranging from quiet restrooms to noisy stadiums and bars. Further, I'm half-deaf in my left ear from too many years around explosives. Perhaps you folks with trouble hearing it need to hold it closer to your ear and/or increase the volume (the rocker switch on the left-hand side). Those who have complained that they can't be heard probably just need to grab a pair and speak up. The phone has worked flawlessly for me.
As to the PDA functionality, the Treo 650 uses the Palm OS5 operating system, for which there is a plethora of aftermarket software available. I've got everything from a shopping database to a novel reader to an AutoCAD viewer to '80's arcade games on it right now. Yes, I can actually download AutoCAD drawings at the office, pull it out when I go out for a field inspection, and get detailed measurements right on my phone. The fact that SD cards are now dirt cheap makes this even easier. I simply load up a card with all the drawings from a given job, stick it in my pocket, and head to the site. Much easier than carrying around rolls of drawings. (And it's got an enormous "cool" factor to it as well, I must admit.)
The full synchro with my Outlook Contacts, Tasks, and Calender is what really made me dependent on this thing nearly overnight, though. When you have several hundred contacts, entering them in one, let alone two devices, becomes prohibitively time consuming. One push of a button, and it's done with this little gem. The Task synchro is equally useful, as it doesn't allow me to forget meetings or appointments when I'm away from my desk--something I was wont to do before buying this thing.
I also find I'm reading a lot more than I had been before I got this device. Now that my books are always with me, I can just pull it out and read when I have a few free minutes. I've got more recreational reading done in the past two months than I had in the previous two years.
The camera is very good in low light; most of the pictures of my drinking buddies on the caller I.D. were taken at happy hour in a dark, smoky bar, and the pictures are quite clear. It's easy to use, and gives more than adequate quality for a camera on a phone. If you want to create photographic artwork, go buy a digital SLR. This is not intended for such use.
Reception and signal strength on digital networks is quite good, and I've experienced no cut-out or stutter. Dropped calls are non-existent so far, but that's more a function of the network load than the phone.
All in all, this is the most handy little thing I've ever owned. If you're like me, you're always saying to yourself, (or your mate), "I need to remember to do such-and-such...", and then you promptly forget about it. Well, not any more; now I just grab my phone off my belt, enter the reminder, memo, calender event, or shopping item, and I won't forget, because this little spare brain won't let me. It already saved me from forgetting my girlfriend's birthday--that paid for it, right there.
In summary, if you actually have use for the features of this device, you'll find that it will quickly become a prized possession. If, on the other hand, you're a whiny techno-nerd living with mommy, and your Contacts folder consists of your own number and the local pizzeria, I'm sure you can find something else to complain about without unfairly attacking this excellent little device.