No and (this isn't meant to be mean), but it's probably a rumor you heard and nothing substatiated. Every new quarter there's always unfounded speculation of a G5 powerbook. Check thinksecret.com and trust almost only them.
The head of the engineering department (I believe it was) was quoted mid-last summer as saying that fitting a G5 processor into the form factor of the g4 powerbook to deal w/heat, raw power, battery life, etc. would be a serious engineering feat.
I guarantee you they're working on it, but don't hold your breath until late 2005/early 2006. I'm sure they're close, but not ready for production.
Apple zealots are so on top of what apple does that when a couple of them get out to developers or go into out-of-company testing you'll hear about it everywhere. People knew of the G5 processor months before it was out simply through apple sending out test systems to huge development companies in unmarked, black cases (no joke).
2 billion dollars...sir, I'd handle my grandpa's balls for 2 billion dollars.