I don't think there is a limit as to the storage capacity. The biggest mini-SD card is currently around 1GB, I believe. Note, however, that you have to remove the battery to replace the SD card, so you may not to be swapping them too often.
As for the features, I believe this remains the smallest Microsoft smartphone on the market. You can get ones smaller or a similar size which use Symbian, so it depends on what you're after.
Also note that the SPV C550 isn't that far off (May'ish) (also note that this isn't the only revised smartphone of its kind).
The C550 comes provisionally equipped with the following:
iMates are supposed to be good I believe (same innards as the SPV I think, but in a nicer case), and of course, there's the very sexy Motorola MPx, if the damn thing ever comes out (also, if its that price - forget it, I think that's the price for the Asian import).
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