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If anyone's looked at the SPEC benchmarks lately, a single Power4 1.3 GHz with 128MB of cache loses to a P4 2.53 GHz by a small margin. It beats the P4 by only about 30% in floating point. The key strength of the Power4 architecture is insane I/O bandwidth, multi-processing, and giant caches. Once you strip all that out and put it into a Mac, you've got a chip that's SLOWER than current P4s. Sure, Apple + IBM might be able to ramp up the clock-speed before release, but then again, so can Intel.