I've been using GVM on a daily basis for several weeks now, and my experience is:
1. Palm apps running under GVM that try to make sounds are not just unsuccessful, they crash the GVM. However, I've done this several times and never had any serious data loss. I only had to restart the GVM.
2. There is very little access to hardware "outside" the GVM. So when you are working under the GVM you have no access to bluetooth, wifi or SD card. Getting things in or out of the GVM is accomplished from the top GVM window (before "launch", as it were). For data in and out you can do a network hotsync. For data in you can get files onto your memory or SD card (via connecting cable or bluetooth or however) and tell the GVM to "install" them. It will do that even for data files. Unfortunately, that option cannot be used for data out. This has impications for keeping backups. If you don't or can't use hotsync, then how do you back up your data? My choice is to use rsync daily on the Nokia to backup the /home/user/.gvm directory to my external SD card. That backs up the whole virtual machine. Not good for restoring individual data files, but if you had a disaster, you can restore your whole virtual machine after reinstalling the GVM software.

I hope Access fixes the sound bugs and continues the GVM after it's expiration date. I'll be using it!