From looking around, I doubt it will. It looks like it's 3 biggest upgrades will be a higher FSB (1067), DDR3 support (probably enthusiast level only) and the new wirelss module named "shiloh" which I know nothing about.
As a side note, I want a Penryn!
edit: looking at the two articles I read about it, Montevina was supposed to be released at the end of 07. Is it already in use or was it canceled/delayed? Anyone know?