I don't know how hard the ARM toolchain is to set up yet. I just ordered my JTAG adapter,
Ah. So your enthusiasm is based mostly on the marketing literature, rather than actual experience ?
Yeah. On paper, 32bit CPUs are wonderful.
Almost if not all Cortex-M3s are single voltage (3.3V).
No, most of them have an internal regulator for the core voltage, which is not quite the same thing.
STM32 has 20mA drive capability I believe.
+/-8mA, actually. 20mA under "relaxed voltage conditions."
I've never seen an ARM chip too small to have JTAG.
That's because you seem to think a 48pin LQFP is "small", while I think it is "large." :-) (You may be right. Given high density packaging and fine pitch PCBs, pin count is no longer a very good measure of "size.")
I happily designed a prototype board for the 28-pin Stellaris ARM when it first came out, and I was a bit shocked to discover that you wind up with only 13 usable IO pins (none in anything as big as an 8bit clump.) (7 power pins! 5 for JTAG (yes, you can turn off JTAG, but then you can't program the device any more!)) This compares to 20 IOs for a similar conservative configuration of a 28pin AVR, or 13 IOs on an 18pin PIC...