Given Intel's high levels of competitive paranoia, news like this must have people fairly worried. Not to mention the explosive growth in adoption of the ISA over the past few years.
For Intel, having a competitor designing CPUs who can't be undercut directly is a real issue - Intel are not going to be letting Samsung produce Xeon chips under licence in the next 5 years, though I do wonder about Atom ones..
So the folks at INTC are doing what you'd expect, competing on discrete components and application-tuned architectures. A key example of that is the recent Merrifield-based chipset for smartphones which is obviously a key initiative:
http://www.intomobile.com/2012/05/14/intel-merrifield-system...
The biggest threats come from companies which have shown that they're willing to pour the big bucks into R&D and new fab construction (Samsung).