The 4700 and 2795 both have their own highlights, so it really depends on what you desire most.

For instance, the 4700 has a 4'' VGA screen while the 2795 only has a 3.5'' QVGA screen. If you're into watching movies or viewing photos in detail, this can certainly make a difference. (Winner: 4700)

The 2795, being the newer PDA, has the newer operating system (Windows Mobile 5.0), while the 4700 still runs Windows Mobile 2003SE. The differences include updated versions of MS Word and Excel, Powerpoint viewer (previous versions lacked it completely), and persistent memory (you won't lose your data if/when the battery dies). (Winner: 2795)

The 2795 has a smaller battery, but I believe it's power efficiency makes up for it. (Winner: Tie)

With Windows Mobile 5.0, slightly less ROM is used, giving you an extra 9MB of storage. (Winner: 2795)

The 4700 is designed to be a multimedia companion. (Winner: 4700)

If you've been keeping score, you'll find they tried with 2.5 points a piece. Thus, if your primary concern is multimedia, the 4700 is your best choice. (Unless of course you compare it to the Dell Axim X51v, which has a rarely seen multimedia accelerator, considerably more ROM for storage, and the latest OS all in one package.) However, if you're into the latest software and value productivity over entertainment, the 2795 is the way to go.

Hope this helps,
John