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Well I've started running some benchmarks to compare the MacBook to my G4 desktop which benchmarked pretty similarly to the old PowerBook.

Thus far I've run a 33 song encoding test, the MacBook took 6 minutes (exact) and the cores did not even run 100%, I was running software update on the background too :p , the PowerMac G4 (with a 1.5ghz upgrade) took a whole 11 minutes (exact) to do the same task and the CPU was constantly at 100%.

UPDATE: Converting a 30mb quicktime movie to iPod format (through QT Pro export feature) the MacBook took 2 minutes to do the task while the PowerMac G4 took 3 minutes and 27 seconds.

UPDATE2: Using Handbrake to import and encode a DVD movie, I let each test run for 5 minutes. MacBook had completed 12% of the task, 75fps, 60fps average and ETA 35m 48s. PowerMac G4 had completed 4% of the task, 19fps, 19fps average and ETA 1h 54m 39s. Now this result really impressed me.

Any other tests you would like to see?
 
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