Universal Binary: think of it as two versions of the same software, i.e. Intel & PowerPC, as one big blob. You copy the "big blob" onto your Mac, double-click the icon and hey presto, it figures out which version to run, Intel or PowerPC. Universal Binaries run at OS-native speeds and are not interpreted or processed by a translation layer, such as Apple's Rossetta Stone technology.
Universal Binaries are available today to the Apple Developmer Community. Woooo... straying off-topic here....
Long and short: I wouldn't worry about the whole Mac Intel thing just now. Its a non-issue.