Well, something needs to be done to take the emphasis off of PowerBook G5. Now, that could mean actually announcing a PowerBook G5 that will ship in the near future, or that could mean making a small form factor G5, by "limiting" the RAM to 4 slots (2 banks of 2), reduced CPU speed compared to the refreshed G5 line, two expansion slots, gigabit LAN and the normal USB2, FW400, FW800, with built in wireless (54G and BlueTooth).
Consider this with the PowerBooks. Say the usual Apple product life span is 4-6 months. Apple announced and shipped the new PowerBooks the same day in April. That's three months before WWDC. If Apple doesn't ship the product for, judging by the v1 G5, another three or so months after that, that'll put them right at the sweet spot and get a lot of school purchases for the new educational season. People that need the laptop will stick it out with the G4, if they can wait, they'll be waiting no matter what anyway (like me).
Ok, so how about this...
12" 1.33GHz - Combo Drive - drops to $1499
12" 1.33GHz - SuperDrive - drops to $1699
15" 1.33GHz - Combo Drive - drops to $1899
15" 1.5GHz - SuperDrive - drops to $2299
15" 1.6GHz G5 - SuperDrive - $2599 shipping in September
17" 1.5GHz - SuperDrive - $2799
17" 1.6GHz G5 - SuperDrive - $2999
Makes sense to me. Fills in more voids in the pricing, drops pricing to entice people to buy now and doesn't make the G4 speeds look horrible, by the numbers.