Well no, it's not a 'base level' PowerBook. Or at least it shouldn't be. The label 'Power' says that it's meant for the Pros rather than the Consumers, and so it should be a full-featured notebook computer. The fact that it's a bit crippled seems to stem from the fact that the basic design derived from the iBook. But I think a Pro user who _wants_ a 12" Apple notebook would rather have the option to have a faster processor and more RAM - and also pay a bit more.
I think Apple should move to a different price structure in the PowerBook segment. Modular. Choose a chassis: 12, 15 or 17 inch. Then choose a graphics card, an optical drive, a processor and RAM equipment. The price for the parts should be about the same across the chassis. Price difference is LCD panel.
The way it is now, you're right, it really seems like the 12" PowerBook is handled like a 'low power' PowerBook. But depending on _what_ your being 'professional' means, it could very well be that you want a high amount of RAM and good processor speed in a small package.
Nonetheless, I'm glad about the current (or soon to be with the 15.4 AluBook) setup and pricing.
And if this IS the year of the notebook for Apple, it will only get better.