The answer is yes or no, depends on what you mean by full fledged Palm applications.
MID profile is desinged for wireless cell phones and pagers which have limited display and keypad. The gui APIs in MIDP are fairly simple, good enough for cell phones but may not be good enough for Palm. But MIDP for Palm is available today. You can get the early access version from http://java.sun.com/products/midp/palmOS.html
The PDA profile is designed for taking full advantage of Palm devices, which have more memory, storage, faster CPU, and big display, etc. But it is not available today. I think it is probably going to be released sometime this year. But I am not quite sure.