Intel says Fred incorporates the best elements of both the Pentium 4 Netburst architecture and the Pentium M architecture. That's not a bad characterization of Fred, since Intel's current processors do share some technology between them, and Fred will no doubt incorporate some of that same tech. Discussions of chip heritage and the differences between an "all-new" design and a refinement of a past design are becoming ever more tedious as chip designs are increasingly modular. However, the best way to think about Fred is probably as an evolution of the Pentium M processor rather than as a clean-sheet design—not that there's anything wrong with that.