Summary: Change the keyboard repeat rate. Alternative to KB Repeat Rate.

Application Description
Initial delay: Initial delay in milliseconds (value of 50 is half of a second) for a auto-repeat event. This is the first delay, and only happends when your first press and hold the key.

Auto-repeat rate: Auto-repeat rate specified as period in milliseconds. This is the delay between repeats while holding the key.

Double-tap delay: Maximum double-tap delay, in milliseconds. This is the time you have to make the second tap of a double tap.

Queue repeat: If selected, auto-repeating keeps queueing up key events if the queue has keys in it. If unselected, auto-repeat doesn't enqueue keys unless the queue is already empty.

Example configuration:
Initial delay: 25 ms
Auto-repeat rate: 1 ms
Double-tap delay: 50 ms
Queue repeat: uncheck

Known problem:
Sometimes system overwrites and restore Initial delay to 50ms on treo 650.

Thanks Robert Diamond, the writer of KB Repeat Rate. It is really a good idea.