Overall, Merom may not be as big of an upgrade to Yonah as Conroe was to NetBurst, but the bottom line is that you get equal or better performance in every test without increasing cost or decreasing battery life. Owners of Core Duo laptops really have no reason to worry about upgrading for now, and waiting for the Santa Rosa platform before your next laptop upgrade seems reasonable. Those looking to purchase a new notebook on the other hand have no reason to avoid Core 2 Duo models, assuming pricing is consistent with what Intel is promising. There will be a delay of at least a few more weeks as we await availability, and testing and validation by laptop manufacturers may delay things a bit more, but within the next month or so you should be able to get a Core 2 laptop.
While Core 2 Duo does look nice, as long as you've got a good notebook today you'll probably want to wait until Santa Rosa before upgrading (at the earliest). With Santa Rosa, clock speeds will go up slightly but more importantly we'll get access to a faster FSB. Unfortunately a side-effect of keeping Core 2 Duo fed with a faster FSB is that while performance may go up, battery life may go down. It'll be interesting to see what Intel can pull off with the new platform; one of the funny things about performance and battery life is that if you can complete a task quickly enough thus returning your CPU to an idle state faster, battery life will grow even though instantaneous power consumption may be higher.
Aren't Core's 32-bit & Core2's 64-bit? Anyway, for the prices I would say the T7200 is great - It performs very well in my Inspiron 6400.
Jo