According to Macnn.com:
Apple may be planning to implement the Windows API (Application Programming Interfaces) directly in Mac 10.5, which would allow Mac users to run Windows XP applications natively in Mac OS X without rebooting and without the need for virtualization software. Robert Cringely, in his latest column, also reiterated that Apple may migrate Mac OS X to a faster kernel, abandoning the older Mach microkernel presently in use. Apple and Microsoft in 1997 agreed to a five-year patent cross-licensing agreement, which ended in August of 2002 -- 10 months after Windows XP began shipping. The columnist believes Apple may be planning to utilize Microsoft's own Windows API, coupled with a faster kernel under the hood to offer users the ability to run Windows XP applications natively from their Mac OS X desktop, with the optional ability to dual-boot into Windows Vista once it ships in 2007.
I don't know if there is any truth in this or not, but who knows! Anything is possible these days, and nothing surprises me.
If you know anything, or hear anything one way or the other on this, please let us know by leaving a comment.