I'm no expert on PDAs and I'm not a big fan of them (although I have just bought my third mobile phone with Windows Smartphone 2003 on it). The 2003 version of Pocket PC that is on the current iPAQ hx4700 should do almost all of what Windows Mobile 5 could do and that iPAQ comes with Outlook 2002 as well as having Bluetooth, wireless LAN and a fast processor. Compared to most PDAs, that's a very good one. If you want a PDA, I would get that one and would not wait until next summer for the next version.
You can still get that model in the UK on the HP "iPAQ Choice" web site:
http://www.ipaqchoice.com/ProductInfo.ASPX?Cat=6&ID=748
I hope that helps