Haven't heard anything about non-phone iPAQs getting WM6.5, no. I think there may be a hacked WM6.5 ROM for the iPAQ 210 series floating around somewhere (almost certainly illegal, so please nobody post a link to it here) but I doubt there'll be an official WM6.5 update from HP - a lot of the new features in 6.5 are more tailored towards phones than PDAs anyway, more finger-friendly UI / better web browser / etc.
In general, going forward I think non-phone Windows Mobile devices are more likely to be MIDs than PDAs - default landscape orientation, 4+ inch screen, more-capable built-in web browser, possible WiMax support, etc. Though how the whole PDA / tablet / MID / UMPC / netbook kerfluffle eventually shakes out is anybody's guess at this point.
However, if you can tolerate the extra cost a WM smartphone like the Touch Pro2 really stands up well against any dedicated PDA hardware-wise - nice big screen, slide-out keyboard, not too thick, and with the radio off the battery life is excellent.
