Actually its not ridiculous. The ARM system architecture is based off of 32 registers that are 32 bits. It is similar to the MIPS architecture. The intel x86 architecture is 64 bit and has a lot more resources. Recourses being the amount of registers it has, its pipeline capabilities, amount of processor cache. The old PPC architecture is more similar to the x86 architecture then the ARM architecture is. ARM/MIPS are RISC type processors designed to save power, this is perfect for mobile applications. PPC/Intel was not originally designed for power saving it was designed for performance. The actually x86 instruction set (aka its assemble code) is far more capable and complex, currently it has over a thousand different instructions.
To sum up what I am saying. Yes if Apple wanted to they could write a compiler that would let os x run on an arm processor. It would be extremely slow and probably unusable. The performance of a computer is not based off of its frequency speed. There are a lot more variables that effect performance.
1. Snow Leopard works just fine on 32-bit Intel CPUs (i.e. original Core Solo and Core Duo models), so the 32- vs. 64-bit stuff is irrelevant.
2. The number of instructions in an architecture's instruction set has little to nothing to do with computing power.