I'm not so sure about that. Intel must have something in the pipeline that Apple likes, possibly the Yonah chip (dual core Pentium M.) Yonah is going to be introduced in January 2006, which fits in perfectly with Apple's transition timeline.
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.