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Yep. It's all but dead and Apple's pricing scheme didn't help all that much, although I did pick up several when you were still able to strip down Apples to almost barebones back in the day and get them at a reasonable price, i.e. drop that $500 hdd(c. $50 retail), $400 DRAM(c. $100 retail), etc.
So, in the end I still have a powermac G4 functional, an ibook, and an older pre-G series PPC desktop but I hardly use them for anything other than fileserving(G4) and the other two are rarely used at all now. (The older PPC was really for BeOS, and I got a MUCH nicer notebook that is more powerful than Apple's uberly overpriced macbook pro at something approaching 1/3 the total cost. Still like OSX but it's just not worth the tax, so I run x86-64 and Windows Vista ATM(games).)
Pretty much the only PPC systems left are embedded and I suspect that they'll be displaced by ARM based as ARMs will undoubtedly be cheaper given that they're already used in tons of embedded applications in consumer electronics while PPC is mostly restricted to industrial embedded applications excepting the PS3 which, to me, is an embedded PPC in a consumer device given that it's primary purpose is game playing, and secondarily movie playback and NOT general purpose computer use. (i.e. economies of scale)
I think that the only non-linux thing left using is Amiga OS and that other one that's sort of Amiga like but I forgot the name if they're both still kicking. (Haven't checked in years as compatible hw was somewhat pricey for what it was.)
So, we have, primarily, an embedded use processor in non-interactive environs whose support is being dropped by, primarily, what are server and desktop distros... Ubuntu officially dropped PPC years ago IIRC but I still think that they may have an unofficial build but I'm not sure if anyone bothers any longer, and as of a year ago Debian still had PPC builds(running on the iBook).