Apple, PPC, Intel, Etc...
I am sure it rankled him to move to Intel. The only reason for the move was because IBM stopped the development of the G5 in that form and turned to the form used by the gaming machines.
I am not so sure that Steve was rankled, as you say, to go Intel. In fact, his previous company had gone Intel. Next ported NextStep to Intel many years before Steve came back to Apple. Even after Steve was back, the word was that he used an IBM ThinkPad as his computer at work. That may have had more to do with the debacle of the current MacOS at the time (7.5-6 or 8 IIRC).
When the 680X0 line of chips petered out Apple may well have considered Intel's offerings at the time, but that was before Intel started incorporating RISC design principles into it's x86 architecture to speed them up. Instead Apple choose to keep alliance with Motorola and get some help from IBM with their powerful POWER workstation/server architecture and formed the AIM alliance and make PPC chips. Then the PPC seemed to peter out and Apple reevaluated.
If I understand the stuff I've read on ArsTechnica then the x86 architecture has absorbed many of the benefits of RISC into it's architecture. Specifically, those x86 instructions are broken down into a simpler, faster, reduced set of instructions, and have all sorts of out-of-order, superscaler, branch-predictive, processor magic mojo applied in what can be oversimplified as a RISC chip with a CISC-to-RISC instruction converter bolted on.
So, is it likely that Apple wants to reintroduce PPC chips to Macs? Doubtful, as long as Intel continues to provide computing, power consumption, and heat generation advantages over the PPC chips. I seriously doubt that they would switch entirely back to PPC without some sort of Windows compatibility.
Now, if they made a low-power media processing chip, that would be cool. If they came out with a cell-like image and video processing, web accellerating, 3D game enhancing, homework doing add-on chip to speed up pro apps of theirs and others (especially video encoding) that would be awesome!
If you could get OS X to run on a PS3 or Xbox 360, then you
might have an idea of what a current PPC mac is capable of. I suppose in the mean time, you could just compare Linux benchmarks.
I for one, hope this employee acquisition bodes great things for Apple. I miss the days when Apple announced super-cool game changing Macs. Don't get me wrong. I think highly of all their current products, but I remember how radically game-changing my first Mac was (MacPlus.) I was lucky enough to be able to use a Mac IIfx during a job I had in high school and agreeing with Steve when he said they were "wicked fast". The first Quadras we had were literally jaw dropping. Remember all the bondi blue accessories, alarm clocks, TVs and toasters, not to mention the explosion of USB devices after the original iMac came out? Remember Phil Schiller demoing AirPort by jumping into a trampoline with an iBook at MacWorld?
I guess I just want to be wowed again. Maybe the accuracy of recent rumors has something to do with it, but I want Apple to be an industry leader and changer. When they come out with a new Mac, I want the other PC makers scrambling to catchup and Windows users saying, "Why does this have to be so hard?" and "Why can't I do that on my computer?". How about a laptop that charges itself my capturing energy from keyboard presses, mouse-clicks, trackpad friction, and hard disk spin-down "regenerative breaking". ("Your battery is low. Press the spacebar 1000 times to accrue another 5 minutes of operating time."

) Oooh, what if they put solar cells on the wrist rest, under the backlit keys and under the glass trackpad? It would work sorta like the solar-powered flashlight, but it would capture excess light from the LCD panel at night, and use the sunlight that glares off the glossy screen in the daytime to provide a brightness boost to actually see through the glare.
Well, I've digressed and ranted long enough! Time to try and sleep some more.