That's great, but...
First of all I'd like to say I think that it would be great if Apple chooses to use the 970. It appears that it will be a tremendously better chip than the G4, as it should be. Also, I think this will aide Apple should they use it in future laptop designs considering future competition.
Before I comment on the competition, I would like to touch upon other posts comments, especially those concerning a P4 vs. 970. Let me start by saying you are comparing a chip that is built, shipped, and used everyday to a chip that is to be released in the second half of next year. Also, I'm tired of people saying that it doesn't matter if Intel or AMD have faster chips because people don't need faster computers. That is apologist crap. Call me a heathen, but I don't like seeing the spinnning disk when I open a PDF file while I'm checking my email and listening to MP3s. When I'm able to encode 1080i HDTV fullscreen in realtime while checking my email and listening to an MP3 without a hiccup then I might accept that argument. Until then...
To make the comparison fair of x486 to PPC, it seems you should be comparing the 970 to the unreleased Prescott chip that will be released at 3.4GHz and will feature 1MB of cache as well as Hyper-Threading, allowing certain applications to view the single chip as two chips. Remember, to make two chips substantially better than one chip you need software that is designed to exploit this otherwise the performance improvement is close to nil or, quite possibly, in the negative. Hence the fast movement towards and away from SMP on the PC side of the fence a few years back. Also, by the second half of next year Intel will have released Banias, it's low power consumption, more work per cycle, slower clock chip. (Sounds familiar to some other chip design/philosophy...) The important note about this chip is that it drops power consumption so much that a PC laptop that would theoretically last three hours will now last six. Not too shabby anyway you look at it. Also, it has integrated 802.11a/b dropping the overall price of a laptop. The only thing that looks like it might hinder Intel's total domination is Palladium, but that is another thread on another site...
On the plus side for the 970, it is 64-bit. This would be great for graphics/video/audio folks, but no programs I use would benefit (Word, Chimera, iTunes, emacs, War Craft III, Civ 3). And... um... it will run OS X 10.3. Also, it is a plus that IBM plans to scale the 970 all the way to 6GHz in the next 4? years. It looks like the future is potentially bright. But remember, Intel already has unreleased 4GHz prototype chips, many very bright workers, and very deep pockets. The future looks interesting...