For those looking for a dictionary that gives good (ie modern, useful) translations as well as pinyin, I've found the paper Berlitz dictionary (sadly, only available outside China) to be excellent and comprehensive. For example, when looking up the English world "colon", Berlitz is the only one that distinguishes between the punctuation mark and the anatomical part - important information to have!
However, I've just discovered they have a smartphone (Windows Mobile, Blackberry, etc.) edition, which is easy to use, and, at $25, much cheaper than other mobile electronic dictionaries (HNH and Oxford). Of course, there are built in ones on many Chinese cell phones, but they generally don't give pinyin or useage notes.
This is just an enter-text-and-translate tool, no handwriting recognition or study tools, but just perfect for carrying around town.