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If there was some very rich company.. they could start churning out decent spec PPC systems for cheap.. eat a huge loss for a few years.. then have a decent userbase. Further systems would become cheaper, etc.
They wouldn't need to be rich. Generic PPCs could be "churned out" even in (relatively) low quantities for little more than x86s cost, as the only really different parts would be the CPU and motherboard chipset.
Macs aren't expensive because they cost (appreciably) more to make. They're expensive because it's a monopoly market.
The problem with selling "generic PPC" machines is not making them cheaply, it's finding someone to buy them.