Actually.. As a founding member of the PowerPC alliance, Apple "owns" the instruction set (together with Freescale, IBM and Power.org). P. A. Semi only have a broad license from IBM.
I don't think Apple is buying PA for their IP portfolio and great engineers. I don't think they bought them for their products either. I think it's a mix of everything. PA is a great small company with great minds, great portfolio, great product, great promise and a bright future. They are just starting to make money and Apple might snatch them up while they are cheap. It's a sort of venture investment. They might use them as they use FileMaker Inc.. i.e. in a not so obvious way, and not in their core business. Sure they might use their processors in future Apple TVs or AirPort stations but I think PA will be a quite autonomous entity within Apple. Perhaps they will use some talent, patents and some product, but the main think is to use it as a pure investment, like they did with ARM once.. Sure, they used ARM chips in Newton but Apple earned a lot more money selling the stock at a later date.
One thing is certain.. PA is a really good company. If Apple wanted to use them for making custom made chips for any application using any architecture, PA is probably one of the best companies in the business. Certainly compared to their size.
I would venture to guess that Apple is frustrated by not being able to get what they want from off the shelf components and doesn't have enough leverage in certain industries to get folks to do things for them.
It's has to be tough to differentiate yourself in a commodity market. Apple did that with the iPhone, but that business is dog eat dog. China Bob can go and source the same hardware and copy the interface and build a reasonable knockoff in a few months. It's a matter of time before Nokia and the rest are caught up in the smart phone business.
The guys from PA have worked on a bunch of the premier chips of the past decade (or two). Obviously their experience with power management has to be very attractive to Apple. I see this as being able to develop their vision without everyone else in the industry being able to buy it 2 months later. Being the owner of that IP certainly offsets the ability of everyone else to copy it.
Does anyone know if PA Semi does RF work?