Yes, the 12" Powerbooks are really sweet. Good luck in waiting though. I couldn't and so I just went to the shop and got one. Was worried that I might not get the education discount since I wasn't buying it from the Apple store. Thankfully, I still got it so I saved quite a bit of $$$.
I was thinking that at the Apple Online warehouse thingy, they kept 12 inch powerbooks ready, HD and all. But then, if someone wants a 80GB HD instead of 60GB...they'd have to remove the 60GB....so....yea....
But seriously, one of the best things about Macs is that no matter what you have, there's something great about it. I love my new PB, but I was also quite happy (and very functional) with my G4 iBook as well (and every other Mac I've owned).