How valid are the various arguments these days? The compiler complexity argument seems to work well against the Itanium, but I'm not sure that it makes much difference between ARM and x86 or x86_64. The instruction decoders on an x86 processor really do look minor on paper, but why hasn't Intel been able to produce a chip with competitive performance per watt, especially given their fab advantage? It seemed like they were really trying with the Atom, but it still hasn't gotten down to the power levels where ARM really shines, even though the high-end ARM cores are now out-of-order superscalar designs.