Monday will tell, but the WSJ doesn't usually say it unless it's got a pretty good reason to.
I don't want to believe it, but this time I'm forced to, and I want to go on record SOMEWHERE as to why before we know the details for sure:
Apple's biggest products, by far, are its laptops, and they're only getting bigger. Intel makes a really good mobile processor. Freescale makes an ok mobile processor, and IBM is having serious trouble making any mobile processor. If you look at the next two years, the place to be in a laptop is the Pentium M--even AMD isn't necessarily the wise choice, though they seem to be making superior desktop processors right now (and, of course, if you're running x86 you can always use their desktop chips if you want).
Steve is probably furious about IBM's failure to hit 3GHZ despite their promises, but unless IBM has decided to kill G5 development, it is still a reasonably competitive desktop/server processor since Intel is stuck, too, and it appears to have a future--dual cores coming up soon, and the potential for a Power5-based G6 eventually. If Apple were only thinking about PowerMacs and even iMacs, they'd probably stay with the G5 to avoid the hassle.
But the portable futre looks bleak--the G5 may not be getting into a laptop for some time yet even if IBM manages to stay on track (which they so far have NOT), and the G4 is lagging Intel's offerings without any indications to the contrary.
Looked at from a completely hardware-based standpoint, this leaves Apple sticking with a somewhat disappointing but still solid and progressing desktop processor at the expense of an inferior portable processor without any obvious indications of there being any big payoff in the future.
From a portable standpoint, it's basically where Apple was in the dark days of Motorola's G4 development a few years back except without IBM offering a light at the end of the tunnel with the G5 this time. If I'm an exec in that situation, and not being dogmatic, I'm going to be taking a long, hard look at the alternatives.
The big question, though, is software. What is this going to do to Classic, existing apps, and how much will it anger longtime developers? And for that matter, will it be a full x86 transition, or will there be something new coming out of Intel?
As much as the thought of an x86 processor in my next Mac gives me a queasy feeling in my stomach (partly because I really dislike Intel as a company, but it also tells me I'm more attached to my PPC, and my computer, on a gut level than I realized), the truth is the instruction set in the Mac doesn't really matter so long as it's still a Mac. What still has me feeling really uncomfortable, though, is what this is going to do to the software I run every day and the loyal developers who've supported the platform for years.
Here's hoping (nay, praying) that it all works out in the end. I wouldn't want to be Steve on Monday, though.