According to a New York Times post by Saul Hansell, "Cellphones are growing up, and they just might pose a new threat to the Intel-Microsoft based personal computers." Hansell goes on to say:
Coming by the end of this year are a new crop of small inexpensive notebook computers, known as netbooks, based on the ARM microprocessor design and running one of several versions of Linux, including perhaps Google’s Android cellphone operating system.
Of course Moores law applies across the whole spectrum as palmtops (phones) get more powerful, so too will laptops and desktops. The palmtop of tomorrow will be as powerful as the laptop of today, but the laptop of tomorrow will be even more powerful.