Yes, I remember, and it wasn't really cool in my opinion. Lots of bad business management and decisions like licensing the OS to third party companies like Power computing. That deal almost cost Apple the farm. The OS they were working on seemed like a never ending cycle. Copland, Gershwin and the BeOS showed promise but never made it out of the lab.
The PowerPC project was a huge technical achievement that led to chips that performed on par with the Intel offerings of the day, but Motorola never put enough of a push behind it to keep up with the competitors. I remember seeing a Mac tower with dual 604e processors clocked at 350MHz stuffed way up on the top shelf of an electronics store while the display tables had nothing close to it - all Windows PCs.
All of the above did yield a very busy rumors ecology, though. Reading MacAddict was a monthly ritual for me.
Keep in mind that the Apple that brought Steve Jobs back was preceded by the Apple that fired him.
Some History Links:
1990 - 1999: Decline and i-Revolution
Quest for the Operating System
Dale
Note: System 7.5 came on 40 floppies...