Today's blockbuster news that Hewlett-Packard will buy Palm for $1.2 billion is one of those rare technology acquisitions that seems, even at first glance, to make a ton of sense for the companies involved. It gives HP a credible entry in the booming mobile market, and it throws a desperately needed lifeline to Palm.

It's also notable as a high-profile endorsement of an end-to-end approach to the mobile phone business. HP will follow in the footsteps of Apple and others by providing hardware and software, not just one or the other.

"The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share," said Todd Bradley, executive vice president with HP's personal systems group -- and Palm's former CEO -- in the news release announcing the deal. "Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market."

HP's longtime partner in the PC business, Microsoft, has been a notable holdout in that way in the mobile industry, focusing primarily on the software. However, Microsoft has become more involved in the hardware and the overall experience with its upcoming Windows Phone 7 devices and Kin mobile phones.

Also interesting is the way the HP-Palm deal promises to further distance the computer maker from Microsoft's mobile platform. HP has been a longtime Windows Mobile supporter. Another big Windows PC maker, Dell, is continuing to make Windows Phones, but it has also become an enthusiastic maker of Google Android devices.

"It underscores that neither HP nor Dell was sufficiently enamored with Windows Mobile" to support Microsoft's platform to the extent that they traditionally have in the PC industry, said Michael Gartenberg, an analyst with the Altimeter Group research firm.

More reaction from around the web:

The Atlantic: Why is HP Buying Palm?

TechCrunch: HP on Palm Acquisition: 'Our Intent is to Double Down on WebOS'

VentureBeat: HP's deal with Palm will change mobile computing landscape