OK, summary time, what is it and what is not:
is not:
-The PowerPC inside the xBox is of unknow type, wich mean and can be far from the 970 (G5), 74557(G4), 750(G3) we currently know. Some PowerPc base chip are used in router at very high speed. Just take a look at the freescale PowerPC webpage, there's a lot of PowerPC for different use. It mean and can be a really strip down and optimize to do gaming only. A G4 dual cores already existe.
-A weak graphic card, who say this? It's a strong graphic one, the graphic board is optimize for floating point operation and use the same Memory as the system in DDR3. It's really overkill. The old xBox was using old nVidia chipset. It not an equivallent as your computer chipset cause less operation better bandwith, and the keyword is dynamically.
is:
-Three core chip, ok handle 1 for video and 1 for audio and 1 for AI, or something like that. It will be a killer.
-Each unit have VMX (aka Altivec for Apple), that's the name IBM give to this technology. That's a great news, see below.
Summary for Mac user:
It doesn't mean G5 at 3 cores or anything like that soon, we don't even know if it have a 32 or 64 Bit processor. The good part, is that game written for xBox 360 will be easier to port to Mac, cause instruction RISC and the VMX code. The icy cream is that game will be a lot more optimize and a lot less BS on Mac coming from xBox 360, already VMX code inside and multi core support. That's all. don't hope more then this.