The Pegasos II is featured in an article on the website AppleLinks. The article is called "Pegasos - An Alternative Power PC Platform" and it's a good read for newbies interested in a PPC solution other than the Mac.
One of the big stories on the Mac Web last week (and ongoing) was the Cherry OS emulator that is claimed to run OS X efficiently on X86 PC platforms. It remains to be seen whether Cherry OS can deliver, but there is another alternative to Apple hardware that is capable of running the Mac OS in emulation.
The article then describes the Pegasos system, covering it's CPU's, OS's, etc, and sums up what it's all about in a quite nice way. Read the article here: