I had two laptops: a 17" HP/Compaq nx9240 (2.16GHz Core 2 Duo, 256MB Radeon X1600 graphics and a 100GB 7200RPM drive) and a 15" MacBook Pro (2.16GHz Core Duo, 256MB X1600 graphics). The MBP was my main laptop and the HP is a machine I use for some specific work-related apps (doesn't get used too often actually).
I gave the MBP to my wife and bought a 2.2GHz black MacBook. There was nothing wrong with the MBP except its size. I'm much happier with the smaller, (slightly) lighter and much cooler (temperature-wise) machine than the MBP.
I do lots of word processing, PDF creation, Keynote/PowerPoint, email, iCal and some minor stuff with Bento and Omnigraffle Pro. I also have Parallels with Windows XP and boot camp with Vista SP1. As far as I'm concerned, my little MacBook is the laptop-that-could. Very stable and overall faster than my MacBook Pro (Core 2 Duo vs. Core Duo and faster FSB).
I couldn't be happier. Periodically if I'm working on a large project, I'll connect the MB to a desktop monitor for some additional real estate, but otherwise for most things the 13" screen for me is perfectly adequate. And again, I can't stress enough how much smaller the footprint of the machine is compared to the MBP.
So, depending on what you plan to do with the machine, a MacBook can be more than satisfactory, especially if mobility is important. Just because the MBP has a few higher specifications on paper doesn't mean its better in the real world.
And I still almost never use the beast of a machine that is the HP above. I'm going to see if I can get my office, which owns the machine, to replace it with something substantially smaller, like the HP/Compaq 2510p ultralight.
I'm so pleased that with the old Intel vs. AMD race to the top, the bottom has come up so high that the top itself, or even anywhere near the top, isn't really necessary any more.