When HP purchased Palm, they weren't planning on expanding their iPaq line of smartphones. They were interested in putting webOS on slate tablets and other mobile multimedia devices. We're about to see an explosion of slates over the next 6 months as various manufacturers release multimedia devices that will compete against the Apple iPad.
It's going to be an interesting war among the slates. Major smartphone operating systems like Apple iPhone and Google Android will now be facing some still competition from HP webOS. Will BlackBerry also jump into the slate tablet industry? I think it's fair to predict that Microsoft will come up with something in the future (but right now we're waiting for them to release Windows Phone 7 for their smartphones).
Speaking of smartphones, I doubt we'll see a Palm Pre 2 or a Palm Pixi 2 made by HP. If anything, maybe we'll see some iPaq smartphones running webOS. The Compaq iPaq was one of my first major PDAs. I still remember carrying that large color-screen device.