What is it? A lawsuit by OPTi, Inc. accusing Apple of infringing three of OPTi’s patents. Read the complaint: 
Patents involved:
What are these patents about? CPU memory caching, PCI bus controllers, and making sure that a PCI burst doesn’t overrun a memory update between the CPU cache and the main memory. (At least, that’s what I think’s going on. It’s a little deep on the technology for me and for a cursory review, but that’s the gist of it.)
Why three patents? They’re all related cases. The earliest priority date for these cases is July 7, 1995.
Why did OPTi sue Apple? Good question. These are all CPU and PCI-related patents, and Apple gets that stuff from Intel. My best guess is that OPTi is looking for an “easy” settlement that they can use in leverage in litigation and/or discussions with Intel. The suit that OPTi filed against AMD is just getting underway (AMD filed their response to the complaint from OPTi earlier this week).
Why sue in Texas? This district is known for having a “rocket docket”, which means that the case should move along relatively quickly.
What happens next? Apple will respond to the complaint. I don’t expect to see anything exciting in that document; likely nothing beyond a standard initial response. Don’t be surprised to see this case combined with the AMD case, since they relate to the same patents. This would be done for reasons of “judicial economy” – no need to litigate the same issues twice. Also, don’t be surprised to see Intel added as a party to the Apple case. I would venture to guess that in the supply agreement between Apple and Intel, there is a provision relating to protection against patent infringement claims.