It might have a new operating system on the way and new "Palm New-ness" planned for CES but that hasn't stopped the flagging smartphone manufacturer that once ruled the roost launching an application store on Tuesday to go up against the likes of Apple, Android and BlackBerry.

The new Software Store as it will be called is actually powered by PocketGear and appears to be nothing more than a white label, no doubt earning them a couple of cents on all transactions.

According to the blurb on the box, Palm users will be able to browse and download over 5000 apps and games right from their Palm device, while the company is, in a clear attempt to tempt away iPhone customers, promising plenty of "free apps" to boot.

Supporting over 25 Palm models you should be able to gain access from a range of devices.

As a starter - the company is also offering a credit crunch busting 25% off your first download when you enter the coupon code SHOPMOBILE at the checkout.

Experts wonder however if the move will be enough to save the day.

We will keep you posted.