I bought this card and it works great with the wifi, however I cannot access the memory part. When I insert the card it asks if I want to format but then wont let me format it. I checked out Sandisk suppport and got this answer.
(This is a copy and paste from sandisk support)

Product Question
Connect™ Plus 128MB I installed the Connect+ Wi-Fi plus memory card on my Dell Axim and I cannot access the memory portion.
Answer ID: 229 Created: 05/30/2004 Updated: 06/01/2004
For Products: Wi-Fi Cards -> -> Connect™ Plus 128MB

Category(s): PDA-> PPC 2002
PDA-> PPC 2003



Answer
Cause:

This is a hardware issue with the CF slot on the Dell Axim

Solution:

Return the Connect+ Wi-Fi card to the place of purchase and get a single function CF Wi-Fi card(end copy/paste)

Lot of use they are.

...on the machine. My friend has the X5 Basic, and both parts of that card work fine on his. Of course, it came with WM2k3, and he made the mistake of installing the drivers from the CD. Once we completely removed those then installed the updated drivers from Sandisk, it all works famously.

The sanddisk memory +wifi will not work with WM2002. I had a trouble ticket in with Sandisk. They told me that there was a hardware compatability problem between their card and the X5. They suggested that I return the card to the store for a refund.

I have upgraded to 2003 and have not even inserted the cd that came with the card into my computer. The interesting thing I found is that when using the included pcmcia adaptor on my laptop, it still wont let me format the memory although the drive does show up in My Computer.
I guess some are lucky with these cards and some not.