The P-M's power is its cache. Why? Take a look at tests where the cache gets exceeded, areas like heavy duty 3d rendering and similar. You have a program (read a GAME) that fits in 2m cache, and it flies. The Turion keeps up with that ability on raw cpu horsepower. What does that mean? It means that a year from now, when your laptop is still rather new, and programs don't fit in 2m cache's anymore, you don't have such a fast machine anymore.
What is the Achilles heal of the Turion? Hello not having ANY 6800 or X800 high graphics in any machine with A64 in it. That's soon going to be solved but, right now, it's an issue. Hello not having Nvidia chipsets in most of the mobile A64 machines. Did somebody forget what Nvidia did to help change the reputation of AMD machines? The next best chipset to Intel isn't ATI, it isn't SIS, it's Nvidia. What is the chipset of choice for AMD systems on the desktop? Now, it doesn't take rocket science to figure out what a buyer is worried about when buying an AMD laptop.
64 bitness... You know for a fairly educated crowd, you seem to have a very easy time imagining yourself 1 year from now with another 2-3k to burn on a notebook. Nvidia, and they weren't alone, reported roughly a 15-20% improvement in game rendering from a fully 64 bit game engine in testing. They don't sell CPU's. They sell both Intel and AMD so they don't care which you choose. Now today's software doesn't show that. But if you could just, for a moment picture yourself just about 1 year from now, when you will still be proud of that nice laptop from 2005, getting an instant 15% bonus (like 3-4 cpu grades up) from just having been smart enough to get a 64 bit chip, you would pat yourself on the back. People said SSE1 and SSE2 were all dog ideas, and for the same reasons "no software supports it". Now just 2 years after SSE2 what would you say to a chip without it? 64 bit is 5x as good. And you think that doesn't matter? It won't be just gamers. It'll be photoshop, rendering, video, the works. It won't just be for 10GB ram machines either. It has more registers, making it possible for normal software to operate faster and more efficiently. Its an entirely different memory model from the ground up, meaning the part BEFORE 2gb not just after. You don't have to agree. You can certainly plan to just spend 2k or 3k more a year or two from now. Or maybe you don't ask much from your machines. But whatever you do, THINK about what it will be like just 1 year from now when we will be on the very edge of Vista, a self professed "from the ground up 64 bit OS" and ask yourself just how proud you'll be to have a "32 bit is good enough" laptop then.
That said, 64 bit is only one piece of the pie. And in most regards the selection of A64 laptops is horrid at best. I think that will change come 2006. And when it does, please just think carefully about what is coming.
The P-M is a good chip. Its just designed to get old fast, and its creators know it...