According to this story at CNet's News, AMD is about to unveil later this year a notebook chip based on its Athlon 64 processor that will consume less power in order to compete with Intel's Pentium M offerings. AMD expects to have a 35-watt part soon, take note however that's still pretty far from the 24.5-watt mark the Pentium Ms have set.
The release information came straight from AMD's website although the manufacturer didn't intend to post it that early, it's been removed for the time being.