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do you reckon there's a 4GB microdrive inside that?
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Yes. It's not likely to be anything else.
It's also probably an IDE/ATA formatted drive rather than CF formatted, which means the Zaurus won't talk to it, unless you can figure out a way (as far as I know, no one has yet.)
The $85 (after rebate) 4GB microdrive from Best Buy was a better purchase for $20 more.
Of course, if you're only planning to access it through USB, then it's a good buy.