Just as quick note, I used a Transcend 5-in-1 PCMCIA card reader to successfully read a 16GB M2 card (as used in my SonyEricsson phones.) I assume that it will also read the same size in MS and MS Pro as the M2 was in an MS Pro adapter. That would be a maybe-no-so-cheap-way to overcome the 2GB limitation of the SD (what were they thinking?!)
Sad thing: my 1200 can read the 16GB M2 using this adapter, while my Windows XP x64 machine cannot.

But then, CF cards are MUCH more portable than M2. I think someone also mentioned using a MicroDrive in the PCMCIA adapter. I have given that some thought as I plan to replace the 4GB MicroDrive in my Palm LifeDrive with a CF card.