Latest version. If you're installing it on a 16Mb Axim go ahead and choose system memory for the install even if it comes up short. After the install you will get a prompt on the Axim to replace the previous version. This will get the memory used back down.
Also check out the 'Downloads' section for a nice selection of free dictionaries. English, German, Spanish....:D
I'm currently trying Isilo which frankly beats the pants off Reader if only for the fact you can actually shink the fonts to balance readability with the amount of text on screen. It also does a nifty scroll so you can read without touching the buttons (speed doesn't appear to be configurable though). It can also go full screen and lets you map hardware buttons to different functions.
Alas big bad MS have the grips on .lit format so Isilo is .txt and palm formats only.
Oh and Isilo also has a free desktop compiler to convert and compress files ready for upload to the PPC and it does HTML web page caching too although I've not really looks at this to see how good it is.
Thanks for the update info. I see that there is a 2003 version, so I will wait until I receive my 2003 OS from Dell at the end of the month (hopefully)
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