Just got down watching live web coverage via MacObserver.

Here are the highlights:

    Apple is going to be using Intel chips, starting in 2006. Steve Jobs says that they will support both PowerPC and Intel (x86) for a long time. When Steve was at Next, they did the same thing. Still not sure if this a total switch to Intel, or just Apple getting to pick-and-choose whats best between PowerPC and Intel for the particular application. Either way.. both will be supported for quite some time.
    Every release of OSX for the last 5 years has been done for both PowerPC and Intel architectures. Every new project has also had to work on both architectures.
    All Cocoa applications will only take a few tweaks to make them work. As an example, Apple had Theo Grey of Wolfram Research, the makers of Mathematica, port over Mathematica. It took them 2 hours from start to finish.

    Apple will also have an emulation layer called Rosetta Stone (John note: probably based on Transitive Technologies), that will allow PowerPC apps to run on Intel-based Macs. “… demonstrating it with Quicken, Excel, Photoshop. All of these apps, compiled for PPC, worked fine on the Intel Mac demonstration, It was a completely transparent process.” No Intel-compiled apps were shown running on the Intel-based Mac. Maybe Microsoft can write a better Virtual PC now?

    A developer kit will be sold that includes a 3.6 GHx Pentium 4 Mac. They will have to be returned by the end of 2006. They will be priced at US$999, and please note that these are for developers only.
    Adobe came out and said they would have their complete line ready for the transition

So what is my take on all of this? Not much really. An Apple Mac will still be an Apple Mac. Life will go on as usual. Apple will still sell premium machines running OSX, except now they have a choice and we have a choice. But its doubtful you will have a choice to run OSX on just any x86-based machine.