I found an article on The Register that mentioned a company that is producing a Supercapacitor. It is capable of producing 15 watts for 160 milliseconds from a cell phone battery, which is enough to provide a great LED flash for camera phones.

Check them out at http://www.cap-xx.com

and the Flash photos at http://www.cap-xx.com/news/photogallery.htm

Let's hope that future Treos will incorporate these!