I've had to spend the last week with a loaner iBook G4 /800 12" while my revA PB17 was in the shop.
The iBook and PB17 both had Apple 4200 rpm 60 GB drives. The iBook had 640 MB RAM, PB17 1GB. Both were running OS X 10.3.2, same applications.
I am writing this because these two machines represent a close coverage of the Apple laptop spectrum. In other words, what do you get from the high end laptops besides a slightly faster CPU? Here's my recent user experience.
First: I was pleasantly surprised by the keyboard and screen of the iBook. The keyboard is better than the Apple USB device used for desktops, and it was easy to become comfortable and proficient. The screen was very sharp and clear. The iBook had a very long battery life, and it felt indestructible. Seems like a perfect machine for a college student. I think the 14" iBooks would strongly resemble the Pismo's of old in their utility and size.
What I missed:
External monitor: In my office, I use the PB17 in a dual monitor setup with a 20" Cinema display. The lack of a DVI connector was painful with the iBook. I've worked for years with a Lombard/Pismo, so the core screen 1024 by 768 was fine away from my desk (just a little claustrophobic). But I missed the ability to really spreadout on a couple projects when I needed to.
Speed: I was really surprised how much faster my revA PB17 was, even though the core CPUs (.8 vs 1.0 GHz) are within 20% of each other. The difference was much greater, even when comparing the iBook with only it's built in screen as a drag vs the PB with a full dual monitor setup. The extra cache on chip, bus speed, etc., differences are significant. And the speed difference was noticable even when I was not running the machine hard -- just safari and email -- so the difference in RAM is also not the source of the speed boost in the PB.
Superdrive: I twice wanted to make a DVD.
So if you are wondering what the real difference is between the G4 iBook and the PB12G4, the main answers are from (my perspective) 1) screen real estate potential and 2) speed. The lack of superdrive was also an issue. What do you get with the iBook? 1) A great battery life. 2) Indestructive construction.
As usual, YMMV.