For most home users I think you're right for now but for businesses it could be huge.
50% lower processor power isn't the same as 50% less system power.
I'll bet $5 that the MacBook Air in the future (18-24 months) will switch to ARM once the >2GHz ARM processors start shipping en masse.
The Asus Eee PCs running Android with Snapdragon processors already embed the Cortex-A9 MPCores.
ARMS's Achilles' heel is that it's only 32-bit, and I don't think anyone wants to go back to a segmented address space any time soon.
(seriously, I'm not trying to troll. I've had exactly one - making sure a project of mine would compile as PIC and that was pretty minor after the required reading)
I expect ARM's transition to be quite different though--with the highest ends of their business moving in only a couple product cycles, and the lower ends of their business sticking with 32 bit indefinitely.
By extension, if they are satisfied with 32-bit programs and don't feel a need to switch, then they won't miss 64-bit architectures.
Virtually all of the computer users that I know limit their use to an office application and a web browser on top of Windows. That's it. The web browser gives them everything they really need. I wonder how many computer owners could even tell you if they have 32-bit or 64-bit or how the two differ. Probably the same percentage that can tell you detailed specs about their car engines. Virtually none.
The only computer specs that matter anymore --exempting programmers-- are weight and battery life. A few hardcore gamers still care, but they're in the minority, even for video gamers. XBox anyone?
And when they converted to Intel, they also provided Rosetta, a completely ridiculous binary translation system to make PPC apps work.
Those are bad examples.
Hope you're still around in 2 years; it can be interesting to ponder a falsified prediction and wonder, why did I believe that?
And another thing that I came to think of that weighs heavily in ARM's favor is the multitude of composite, multifunctional chips, SoCs etc. currently available in the ARM flavor. Is there ANYTHING like this for Atom, or any x86 at all?
Depends if we are talking Arm Cortex-A8 or Cortex-A9. Atom is much more powerful at same clock speed that Cortex-A8. Cortex-A9 is getting closer competitive, but doesn't have much of a power advantage over it. (Lies, damn lies and benchmarks, but A8 gets ~2000 MIPS, A9 ~2500 MIPS and singlecore 1st gen Atom gets ~3300 MIPS)
Also, multicore-Atom has been in the market for a while. Multicore ARM is just coming online now.
It's worth noting that Intel can speed up Atom whenever they want. There are plenty of easy wins in there (eg, better execution core, faster memory controller) that they can put in if they need to keep their lead.
Measured how, and at what frequencies? Also ARMs are really starved for bandwidth. Has that improved with the Cortex A9?