Day two after Intel.
It seems most here at WWDC try to embrace the change and see the good side of it.
Mostly this will be a hard time for Apple's marketing department, who have been touting the PPC's superiority all those years. Worse, would you buy a high-end G5 system right now? Actually there is no good reason not to, but I bet sales will decline.
Somebody brought up an interesting point: Intel may actually use the closed Apple platform as a way to bring their innovations to market sooner. Apple can happily live with smaller quantities than other manufacturers, and might be more open to develop for new hardware than Microsoft.
WWDC itself is a little different this year: No product announcements besides "The Big One", no product displays (last year had BMWs all over the moscone), no gifts for the attendees (well, wow, I got Xcode 2.1 on DVD). But more labs, much more Apple engineers, many hands on sessions.
And here is the (almost) official Soundtrack for WWDC 2005:
Rubberneckin'.