The Linux kernel process scheduler, as you know it, has been completely ripped out and replaced with a completely new one called Completely Fair Scheduler (CFS). How fair it will be, remains to be seen, but in the meantime here's what its original creator Ingo Molnar has to say on the subject: "80% of CFS's design can be summed up in a single sentence: CFS basically models an "ideal, precise multi-tasking CPU" on real hardware".