What is relevant is the ability to compute within a power envelope. Intel didn't try to scale down its new designs for mobile. It tried to scale up old cores with new technology - something that they got good at during the tick-tock development flow. And guess what, new core designs beat process improvement. Intel eventually reached same power envelopes as ARM with more computing power, and better overall performance due to better memory bus access. But it reaches them after 8-12 months after Qualcomm does, so it's a full generation behind in terms of mobile development.
Specific to this acquisition, Movidius packs 150 Gflops under 4W of power. Skylake packs 100Gflops under 120W of power. The difference here is more than 2 degrees of magnitude. Moving the designs to the new Intel processes should cover another significant improvement. So that's what's going on.