Merom != NGA...
I would not be surprised to see Intel introduce both Conroe and woodcrest ahead of Merom. INTC seems to have very strong products for notebook but is in need of some serious help for desktop and servers. I am not surprised power is a bit high, as all the changes I have heard about should result in quite a bit more power than Yonah uses.
In terms of speed, I think the 2.33Ghz Merom will be more than competitive in notebook space. I think the important thing for INTC is getting the higher power conroe/woodcrest chips up to the 3Ghz or better level.
With regards to all the yukks about HD decoding, when does AMD add hardware acceleration for this? I have not heard anything on this front from either company other than generalities on special use hardware.
--Alan