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Those slots are for memory cards. The X50v can take compact flash or SD memory cards, and I believe the X50 can take just SD memory. These are the same as what you would use on certain digital cameras to store images. The X50 has a fixed amount of memory for you to load additional programs, store data, etc, so you could use a memory card to load additional applications, music, movies, or whatever.
Also these slots can also be used to add functionality. For instance if your PDA doesn't have built in WiFi, you can by a WiFi adapter that fits in that slot to add that functionality.
So, no you don't need to have one, but you may find use for it at some point soon.
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