The PM is a great processor. Clock cycle for clock cycle it destroys the P4 (which means a 2.4 PM is much faster then a 2.4 P4).
Checkout this link:
http://www.systemshootouts.org/processors.html
The only think that the P4 has over the PM is hyperthreading, which is suppose to help multitasking (I can give you more details if you want them). Overall, the PM is a much better laptop chip then the P4. It gives around the same performance with much less power usage. That also means less fans, which means a quieter laptop, and a cooler laptop.
I concur about the Inspirion 9300. Dell occasionally has great coupons, wait for one of those and buy it, or you can get refebs on ebay for cheap.