That sounds right. Jobs was harping on thermal efficiency, so he definitely couldn't have been talking about a P4. I was a bit shocked at the announcement, wondering why anybody would go for the dead-end P4 architecture, but then I thought about how the Pentium M is doing. The first thing I see happening is dumping the G4 for the Mac Mini.
BTW, I have a 1.6 GHz Pentium M in my laptop, and it's pretty peppy. It's the first Intel chip I've really liked since the Pentium Pro.
Same thoughts here. My 1.6Ghz P-M is nice. I just wish it had Hyperthreading.
What's sad is that a 1.6Ghz P-M is about the equivalent of a 2.4Ghz P4.