The new interconnects on the Intel chip should ensure that both CPUs can access RAM and various peripherals without performance suffering. Apps can then choose whether to be run as native ARM or x64. The core apps will all run on ARM, allowing x64 chip to sleep and the new Macbook Airs to boast 20+ hour runtimes when performing core tasks only.
I haven't seen anyone else with this theory, but it makes a great deal of sense that Apple would push this. They have control over most of the stack: the ARM CPU, the kernel and the motherboard design. More details here - I'd be interested in hearing if others think this is feasible:
http://grack.com/blog/2011/05/07/how-apple-can-make-use-of-a...