Remember, the code of Mac OS X was NeXTSTEP, which ran on a wide range of CPUs (MIPS, 680x0, x86, SPARC, HP PA RISC). Mac OS X _always_ ran on x86. Mac OS X has always made multi-architecture support easy - resources are all portable, and for developers it's only a check box, which defaults to being checked. And given that iOS runs on ARM, and it's the same compiler and naerly the same code and dev tools, it's a safe bet that Mac OS X could be running on ARM fairly easily. I could see a really smart intern pulling that off.
The only hard part would be getting developers to recompile their apps, and for users to install the new versions. Given that a few people complained about Apple dropping PPC emulation last year, after 7 years of warnings, there are clearly some long-abandoned apps out there that at least a few people still run.
After running a MacBook AIR (and loving it) I'm not sure that it would benefit much from moving to ARM. Longer battery life (or smaller battery) is good, of course, but more power is consumed by the display than the CPU. And the ARM is fairly slow, compared even to the CPUs in the MacBook AIR. Of course, if the next generation ARM were dramatically faster, I don't think anyone would complain about faster and longer battery life.
Weirdly, the biggest impact would probably be the price - ARM chips cost much, much less than x86 chips. They're much smaller/simpler, so cost less to make, and ARM sells mainly to embedded/consumer electronics device manufacturers, who are extremely price sensitive, much more so than PC manufacturers. So going from x86 to ARM could drop Apple's costs significantly. Woot!