Yup, an offspring of the Pentium III/Pentium M, multi-core, with power management, SSE (multimedia) instructions, a new version of HyperThreading, and maybe an on-chip RAM controller a la Athlon64 (intelligence diverges on this point).
Man, AMD is going to have their hands full -- this CPU is going to get most things done right. Intel's not playing this time, and I know first hand that the engineers are pissed. It's great to be a geek and get excited about the fruits of competition :)!