It turns out the rumors were wrong, and there *is* an update MacBook Pro 13.3-inch model. It features a Core 2 Duo CPU and a 320M NVIDIA graphics card. For the 15- and 17-inch models, with i5/i7 core CPUs, Apple's press releases describes the hybrid graphics capabilities as:
"Apple's new automatic graphics switching technology that toggles seamlessly between powerful NVIDIA GeForce GT 330M and energy efficient Intel HD Graphics processors."
But again, that is only for the 15- and 17-inch models with the NVIDIA 330M cards. 
So from the looks of it, the new Macbook Pro 13-inch will be competing for price/features with the low-end Sony Vaio Z model. The high-end Sony Vaio Z models, with newer Intel CPUs, powerful hybrid graphics GPUs and Quad-SSD options, remain unchallenged. 
Also unchallenged in the sub-$1000 are going to be the powerful new U/UL lines from ASUS and the TimelineX series from Acer: ASUS UL30Vt, ASUS U30Jc, ASUS UL30Jt and Acer 3820TG.
ASUS remains king of the hill for battery life with the ~12 hours in UL30A models, and >10 hours for the hybrid models, like the UL30Vt and the yet-to-be-released UL30Jt. 
Acer follows closely with more CPU and GPU power with the announced 3820TG, very competitive prices and decent battery life.
Apple Updates MacBook Pro LineThe 2.4 GHz, 13-inch MacBook Pro, for a suggested retail price of $1,199 (US), includes:
    * 13.3-inch widescreen LED-backlit 1280 x 800 glossy display;
    * 2.4 GHz Intel Core 2 Duo with 3MB shared L2 cache;
    * 1066 MHz front-side bus;
    * 4GB 1066 MHz DDR3 SDRAM, expandable to 8GB;
    * NVIDIA GeForce 320M integrated graphics;
    * 250GB serial ATA hard drive running at 5400 rpm, with Sudden Motion Sensor;
    * a slot-load 8X SuperDrive® with double-layer support (DVD±R DL/DVD±RW/CD-RW) optical drive;
    * Mini DisplayPort (VGA, DVI and HDMI adapters sold separately);
    * AirPort Extreme® 802.11n wireless networking and Bluetooth 2.1+EDR;
    * Gigabit Ethernet port;
    * iSight® video camera;
    * two USB 2.0 ports;
    * one FireWire® 800 port (FireWire 400 compatible);
    * SD card slot;
    * combined headphone/line in (analog/digital);
    * glass Multi-Touch trackpad and illuminated keyboard;
    * built-in, 63.5WHr lithium polymer battery; and
    * 60 Watt MagSafe® Power Adapter.
The 2.66 GHz, 13-inch MacBook Pro, for a suggested retail price of $1,499 (US), includes:
    * 13.3-inch widescreen LED-backlit 1280 x 800 glossy display;
    * 2.66 GHz Intel Core 2 Duo with 3MB shared L2 cache;
    * 1066 MHz front-side bus;
    * 4GB 1066 MHz DDR3 SDRAM, expandable to 8GB;
    * NVIDIA GeForce 320M integrated graphics;
    * 320GB serial ATA hard drive running at 5400 rpm, with Sudden Motion Sensor;
    * a slot-load 8X SuperDrive with double-layer support (DVD±R DL/DVD±RW/CD-RW) optical drive;
    * Mini DisplayPort (VGA, DVI and HDMI adapters sold separately);
    * AirPort Extreme 802.11n wireless networking and Bluetooth 2.1+EDR;
    * Gigabit Ethernet port;
    * iSight video camera;
    * two USB 2.0 ports;
    * one FireWire 800 port (FireWire 400 compatible);
    * SD card slot;
    * combined headphone/line in (analog/digital);
    * glass Multi-Touch trackpad and illuminated keyboard;
    * built-in, 63.5WHr lithium polymer battery; and
    * 60 Watt MagSafe Power Adapter.
