Dual-core G4 on the way
While the Mac users of the world are hoping for a dual-core G5, Freescale (formerly Motorola SPS) is gearing up to unveil a dual-core version of the G4 at this year's upcoming MPF.
I don't know about that whole dual-core G4 + PowerBook thing. Right now, the G4 is still a nice laptop chip, and a dual-core G4 might make for a really sweet laptop. However, a dual-core G4 laptop would mean one of two things: 1) a hack design that uses the aging MPX bus, thereby starving what would be a very bandwidth-hungry chip; 2) a completely new PowerBook design using RIO. Option 2 probably isn't going to happen, because when Apple does a complete PowerBook overhaul it'll be because they're moving the line to the G5. As for option 1, I guess it's possible, but it would clearly be a stop-gap measure that wouldn't really be able to exploit the dual-core G4 to its fullest potential.
This may ultimately come down to an issue of timing for Apple. The company is going to want its entire line to go 64-bit as soon as possible, so that the base of 64-bit applications can be more easily expanded. The power consumption on the 90nm G5 is pretty decent, if only IBM could produce enough of them. And the 970's inevitable core revision will improve power consumption ever further, especially when the 970 gets its own on-die DDR controller. (The power consumption of the dual-core G4 is an unknown factor, but it's probably pretty good). So it's really going to be a matter of whether or not Apple decides to wait on IBM to improve yields and/or power consumption. It's either wait on IBM, or hack together a dual-core G4 laptop that's going to be something of a dissappointment.