Then the folk whom build the processors/architecture/assembly languages (and open source advocates when businesses ultimately ignore LLVM for a bit) will be writing the conversion from IR down to some specific machine code. This allows Intel to convert the IR line "COMPLICATEDFUNCTION $r2 5" to some advanced x86 call that has some significant speed or memory increase and is only one line while TI can still call the 26 lines of MIPS they need to call and both will be semantically equivalent.
That way you can, from the the software side, be relatively agnostic with how you're writing code and the chipset side is able to get every ounce of optimization using advanced functionality (if available). More importantly, software side is then able to ignore any processor features (be they speed ups or slowdowns) because every chipset manufacturer should have some toolset to convert your IR down to the best machine code they've got based on some desires (speed, space, power, etc). Inevitably, there will still be differences in performance between chipsets but being able to build down to IR (even with performance issues for some chipsets while everyone gets on board) and not some large set of assembly languages should be very nice.