Yes. IBM makes PowerPC cores. They used to make the PowerPC processors for Apple computers, but now Apple decided to switch to Intel.
The Xbox 360 has a custom tri-core processor consisting of three PowerPC processing cores with two threads per core (something similar to Intel's HyperThreading). The PlayStation 3 has the Cell processor, co-developed by IBM, Toshiba and Sony. It has a single PowerPC core with eight SPE cores with very high floating-point capabilites and one reserve SPE core for redundancy. The Revolution has also has a IBM processor, but virtually no specifications has been released for it, although judging by Nintendo's way of doing things, it'll probably be single core and faster than the GameCube's "Gekko" core (also developed and manufactured by IBM).
The Xbox and PlayStation 2 are the only current-generation consoles without IBM processors. The PlayStation 2's Emotion Engine processor was co-developed by Toshiba and Sony. The Xbox's Intel Pentium III/Celeron processor was developed by...well, Intel.
It's very much like a low voltage Mobile processor, because it uses the PGA (Pin Grid Array), which is "soldered" to the motherboard itself.