Worked awesome for Firewire. Oh wait, no it didn't...
Intel is behind thunderbolt as they invented it, where as firewire was all apple. HP already said they plan on rolling out thunderbolt on some of their computers by 2012. Many peripheral manufacturers already have working thunderbolt products, just not for sale yet. External graphics cards will actually be possible with thunderbolt. I think both will live together in some way though. Thunderbolt is a lot smaller though, which makes squeezing it into a small laptop a little easier.