What actually happened was a little less earth-shattering, more a confirmation of what had already been announced. Apple's big push was the release of the first two Intel-based Macs: the iMac and the MacBook Pro. The iMac is functionally equivalent to the iMac G5 released late last year, the key difference being that it's now using the "Intel Core Duo" CPU that Apple claims is 2x faster than the iMac G5. And the PowerBook G5G4 has gone the way of the iPod mini, obseleted for the sake of consistency in the company's product line.
The comparison to last year's iPod revision seems apt, because the new MacBook Pro is a little bit slimmer and more streamlined than the PowerBook, but with more power. In terms of features, it's equivalent to the new iMac — new Intel dual core processor, built-in iSight camera, and Front Row and iLife software included. Apple's switch to Intel was driven by a need for faster and cooler processors on their laptops, and their claims for the MacBook bear that out: it's four times faster in benchmarks than the PowerBook G5G4, and it runs cooler. (Welcome news to those of us who have learned to live with painful thigh burns for the sake of using such a nice computer).
