Yes, very true
I see this as a double-edged sword, really. On one hand, I am rather furious that an iMac G5 I bought no more than 8 months ago now has a processor that will be quickly phased out, I love my G5 processor and I firmly believe it is still the most superior desktop (although obviously not notebook) processor. I am a college student, so I cannot readily afford a brand new Mac again (I already spent 1500 dollars last year) and trying to sell an iMac G5 on eBay would be quite hard when the hardware is obsolete in 2 years. Better hope my Google stock does well...
On the other hand, I also think that this could be a turning point in Apple's history. Either Apple switches to x86 and developers leave it starving with no programs until Apple gives up, or we just may see a direct competition with Windows, drastically increasing market share. I hope the latter to be the case, as I would really like to see the potential Mac OS X has vs. Windows XP on the same system . Finally a fair match with no strings attached, I think Apple has the potential to convert many users, even though they may lose some until the transition. Not only that, but perhaps this will also help drive the costs of the Mac hardware down, using mass-produced Intel processors can only be a plus when it comes to cost.
So, for the present on my iMac G5, this announcement sucks to my wallet, as I will probably have to dish out $$ again for a new system. However, to the future, I only see good things coming from this. My only question is, now, will we have to use a two-button mouse now that we're on the same arch. as Windows? LOL, jk. See ya on the flip side!