1. Intel is already shipping, in cheap-ish systems, CPUs that have the EM64T extensions, which is essentially a clone of the AMD64 instructions. Close enough to properly be called a 64-bit chip.
2. The Cell processor has several flaws vs. a G5 or G4 chip, but the biggie is: the Cell does not do out-of-order execution. That is a show-stopper and means that a 3Ghz Cell CPU would in most cases be outperformed by a 1.7GHz G4 (or so), let alone a G5.
Those are indeed errors, and Intel is NOT buying Apple ... however, it's a FACT that Apple would be switching to Intel chips, phasing in late in 2006 and completing the transition in 2007.
So ....