I was just reading on Slasdit that Intel is going to release a dual core Pentium-M based chip very shortly. With the P-M running up ro 2ghz RIGHT NOW, I would expect to see each core in at least the 1.6ghz range. By the time anything faster than an iBook gets an Intel CPU it'll be up in the 2ghz+ range for each core. I wouldn't be suprised if they put two dual core CPUs in a PowerMac. The P4 pretty much sucks, we all knew that. I think this is promising, personally.
Plus, we have to remember that while OS X has been built for x86 since inception, I would venture to guess that the Rosetta technology still has some tweaks it could benifit from. Probably not a lot, but as time goes I am sure there will be improvements in the software.
By the time we actually see an Intel based PowerMac the emulation isn't going to be used nearly as much, as the mini, iBook, iMac, Powerbook, etc are all going to come first, paving the way for developers to get those universal binaries out.
If the first Intel machine (probably a P-M or Celeron-M based mini) can run PPC code through Rosetta at about the speed of even a G3 800mhz we'll be fine. The OS will still respond like a new system, MOST common apps will be available right away in universal binaries, and a G3/800 isn't all that bad for the occational legacy app.
By the time we se dual core iMacs, dual core dual cpu PMs, etc, I would bet that legacy apps will perform like you were using a loaded iBook from today or better, which is perfectly usable for almost anything. (Remember, CPU intensive apps for things like photo, video and sound editing are going to be among the first we see recompiled).