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I'm in the 'not such a huge deal' camp on this. I will say that it would have made much more of a difference to me years ago, when Apple was so chuffed with the potential of their spiffy RISC architecture; it was going to be so much easier for it to move up the performance curve than the CISC Pentium that it wasn't even going to be a fair fight.
I thought they made a good argument, the PowerPC future looked really bright and Pentiums were headed for a brick wall dead end, comparative-performance-wise. So the announcement of a switch would have been cause for great alarm in the face of that.
In the present, IBM can't or won't produce G5s as fast as they said they could, or as cool as they need to be for laptops. Intel's clearly been busier than IBM, plus they have much nicer economies of scale on their side.
Given the bet-hedging Apple's been doing secretly all along (keeping every version of OS X also running on Intel in the back room), the costs and difficulties of transition seem to be a fairly known quantity for them, and it's reached the point that the cost/benefit of staying with the PowerPC is not worth avoiding the costs of switching.
That's fine with me.
Some comments that caught my eye:
They've been planning and preparing for this for years, and already have the tools ready to do it. No worries.
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