there is download capability with opera. For example, if you view a website with video, you can click on the video and it will download to your axim, then can be played.
Don't know if it may be possible with some tweaking, but java does not work on my setup. Just tried to view the demos at
http://www.java.com, and no-go on my axim with opera.
likewise, adobe flash animations do not seem to work.
http://pageperso.aol.rf/marcbrecy/deanmartin.html is a good test for that - check it out (very funny)
But I'd rather use a real computer for things like that. For reading and responding to email (hotmail, yahoo), viewing this site, and even making purchases, opera is more than adequate.