It looks like HP has given the Sandy Bridge treatment to their 14-inch Pavilion dm4 (now the dm4x) line of laptops. The lame old first-generation Core i5 CPU has been replaced with a spiffy new Core i5 2410M as the default option. For just $730, the base model seems very well-specced.
In addition to the new CPU, the dm4x comes with a Radeon HD 6470M graphics with 1GB of memory, a 640GB HDD, 6GB of RAM and a standard 6-cell battery. If you're feeling like splurging, you can up the ante with a 2.7GHz Core i7-2620M processor, 8GB of RAM, and a 750GB 7200RPM HDD. Of course, that's a $200 premium just for the CPU upgrade.
The computer itself got middle of the road reviews when it was introduced with an older CPU last year. The price drop and new hardware may still make this a compelling option, though. You can check it out on HP's product page.