i think the 12" ibook is fantastic...durable, portable, and more than enough power for 90% of the stuff "normal" people do. my only complaint is its rather underpowered video card, but i can live with it.
i installed an 80GB 5400rpm HD in it when i first bought it 20 mos. ago (and i was still able to get some applecare repairs done on it...just be careful and they never know you opened it!)...add more ram and it's a fantastic machine.
now it's my wife's...with the "certainty" that MBs were going to be announced today 🙄 i finally gave my wife the ibook (she had been using a 400MHz tibook!) so i could get the MB...but it looks like i'll have to wait a little longer. congrats on the purchase!