Enter Sheepshaver, an open source PowerPC runtime environment capable of running PowerPC Mac OS 9 applications. The developer has relased an experimental version of Sheepshaver compatible with Mac OS X 10.4.4 for Intel Macs.
Apple may have dropped support for Mac OS 7.x --> Mac OS 9.x applications with their move to Intel, but the open source community has provided us with a decent solution. When my Intel iMac finally arrives, I'll give this a whirl. Maybe C.K. can check it out in the meantime.