It's remarkable how little we've seen from that acquisition. It's perfectly possible that Intel has butchered the acquisition the same way they have with many others.
> a 2004 study by Bain & Company found that 70 percent of mergers failed to increase shareholder value. More recently, a 2007 study by Hay Group and the Sorbonne found that more than 90 percent of mergers in Europe fail to reach financial goals.
http://edition.cnn.com/2009/BUSINESS/05/21/merger.marriage/
Especially when the merge should be deep and involve engineering teams with different cultures to join and work together on the product. So I'd consider the release of first Xeon+FPGA after 3 years past acquisition as a somewhat success.
I would have guessed additional lead time for Altera to move their designs from TSMC to Intel process, but it looks like Altera has been planning to fab on Intels 14nm since 2013[0].