There’s a lot riding on Intel’s UltraBook initiative. The iPad juggernaut has been convincing consumers to buy tablets instead of laptops, and the computer industry is betting on UltraBooks to reverse the trend.

And now we hear from the computer counters that PC shipments dipped in the second quarter. If the blogosphere is to be believed, the data tells us that the UltraBook push is failing.

The second-quarter reports don’t bring happy news, to be sure. But there’s not one shred of insight to be had here as to success or failure of the UltraBook. It’s flat out too early to tell.

Consumers are waiting for the new generation of UltraBooks, many of which were unveiled last month and are slated to be available between now and October. Consumers are also waiting until Windows 8 is released, so they can buy the latest hardware with the latest OS.

If we’re still seeing lackluster sales data out of Gartner and IDC in two quarters, then the PC industry will have some serious trouble on its hands. Because it will have put its best foot forward. And it will have been skunked.

But a lackluster performance report for the second quarter? It doesn’t tell us a damn thing.