I believe that ARM and its licensees have become a real threat to Intel in the consumer space. Intel dropped the ball by missing out on the initial wave of the current (2007+) smart device mobile market. This is comparable to BlackBerry taking 5 years to develop their response to the iPhone. Intel was in much better shape than Blackberry so they survived the initial onslaught but their time as the dominate consumer CPU manufacturer is over.
x86 is no longer the only game in town. Look at how the market has changed over the past 5 years:
x86 sales in the consumer space have dropped below 2008 levels while ARM licensees have driven all the growth.
Look at the impact ARM based tablets have had on x86 growth rates:
The big problem for Intel is that they really can't do anything about it. The most successful ARM licensees know that ARM gives them a strategic advantage. Even if Intel releases better mobile CPUs the ARM licensees won't give up that strategic advantage.
My guess is that ARM CPU tech will continue to advance at a rapid rate. As it stands now ARM CPU performance is excellent. Look at what Apple has down with the A7:
The A7 SoC is seriously impressive. Apple calls it a desktop-class SoC, but I'd rather refer to it as something capable of competing with the best Intel has to offer in this market. In many cases the A7's dual cores were competitive with Intel's recently announced Bay Trail SoC.
I'm looking forward to getting my hands on an A7X device in the not too distant future.
I foresee big gains for ARM licensees in the server space over the next 5 years.