68K -> PPC -> x86
A lot of people here are complaining about things like recompiling software and making current hardware obsolete and such, but you all have to go back in time and remember the original transition to the PowerPC platform.
Back in the glory days of beige boxes and six-color apples, Mac users has a nifty little series of processors based on the 68000. And Mac users loved their old LCIIs and PowerbookDuos based on these great processors.
Seeing the end of the 68K, Apple switched to the PowerPC class of porcessors. They were in some of the fastest desktop computers in the world at the time and could give Apple the performance boost it needed to continue riding to early 90s PC revolution. The only problem was that developers were going to have to port their software over in order for it to run on the new system natively. This would require a significant investment in new software by all customers and the last thing Apple wanted to do was screw every loyal Mac user. So a compatiblity layer was done in (what I believe was mostly) software, allowing apps for the 68K and PPC systems to sun side by side seamlessly with no special configuration by the user. Things still ran perfectly, as they do today on PowerPC based systems running even MacOS 9.
Now something tells me that Apple isn't looking to screw everyone. It's a company, it's not there to screw customers, employees and shareholders. Apple needs to make money. This would be a seamless transition thanks to the wonderful emulation software that Apple always seems to be able to come up with (such as in the 68K case and the colored boxes in all the Rhapsody developer releases).
This can only be a good thing for Apple. The x86 platform has just as much up on PPC as PPC has on x86. Granted, Apple won't be as cool as it was since all of us Mac freaks won't be able to argue the advantages we have in architecture and we won't be able the pull the copy of Jon Rubenstein's speech at MacWorld about the megahertz myth, but it's a wonderful way to expand the use of the platform in business circles as well as to lower prices (great for everyone, a bigger userbase can only be good as long as Apple maintains software and hardware configuration control).
We all need to calm down and look at this from a historical prospective. It's a transition Apple has made before and can easily make again. Intel isn't the great satan - it's actually a very good company with a lot of backing in the industry. The only thing better for Apple would be if Microsoft killed Windows and took them over.