You can draw freehand, lines, boxes (filled and unfilled), in either black, white or you can invert the colour underneith the pen.
Note: In about, it says it isn't free. Somebody tried to convince me to sell it as shareware, but it isn't and it's still free...
If you find a bug, please email me so that I know and can try and fix it, Thanks
Update Description:
This zip now contains a gfxpad-mono.prc, if the grayscale crashes your palm (Remember to backup first!!) then use this one!
You loose grayscale but it should work!