Yes, it's true; the Palm Pre syncs with iTunes. When you plug it into a Mac, the Pre syncs up perfectly. You can even download music from the iTunes Store straight to your Pre. In fact, the only things the Pre can't do is play old, copy-protected music or download iPhone apps.
There are already a few Pres in circulation, and the story is the same across the board. The Pre was designed to be able to integrate smoothly with Apple's iTunes. This is awesome news for eager Palm fans, but not-so-good news for Apple.
Steve Jobs and company certainly aren't going to take this lying down. Jon Rubinstein, the president of Palm, designed the original iPod, which probably explains why the Pre syncs up so well. It also gives Apple an even better case against Palm when this all inevitably goes to court. There's no way this was an accident on Palm's part.
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Apple has thus far refrained from making a response until the Pre actually hits stores. If this 'feature' carries over to the mainstream retail Pre, I doubt a legal brouhaha will be very far behind. My advice? If you want a Pre, get one on opening day while they're still iTunes compatible. It'll be a collector's item soon.