AnandTech.com has a new piece-by-piece analysis of practically every component in the GameCube hardware.

http://www.anandtech.com/showdoc.html?i=1566&p=1

There are lots of real-world comparisons to the Xbox hardware as well, for those interested. The gist of the article is that GameCube was designed with efficiency rather than raw power in mind, and the Gekko, Flipper, and MoSys 1T-SRAM are all geared towards offering excellent performance for very low cost. In other words, there aren't any surprises, but the article can help you understand and appreciate Nintendo's hardware choices a lot more. Plus, you don't have to be a supreme technophile to comprehend it all...although an intermediate knowledge of hardware terms will certainly help.

Thanks to Mark for the link!