The Macbook is no pro computer, therefore the update (with lower prices) seems ok to me, and makes the MacBook Pro seem even more hardcore when it comes out in june (or sooner). The people that want a MacBook are not supposed to want to play WOW on it or have the fastest CPU available. Its a computer for girls and students that want a nice looking computer to surf, chat, get email and write Word documents on. Everybody else should go with the MBP IMHO. It seems obvious to me that the updated MB would use higher CPU speeds from the "old" C2D line of CPUs, and the MBP will gain the SR 2.2 and 2.4Ghz C2D chips to stand out as the Pro computer it is.
If the MBP update coming soon does not have SR or LED I don't know what to do, I just sold my old PowerBook G4 🙂