True, and I love AMD and wish they were still competing effectively. No doubt if they were, the recent (relative) stagnation in chip price depreciation would not have been so pronounced.
But it's important to remember how innovations such as these change the landscape for competition. As a large pseudo-monopoly, Intel can be complacent, but not indefinitely. While the barrier to entry is very high in chip fab, and maybe insurmountable by anyone assuming current chip designs, there are a lot of very well capitalized electronics corporations in the world. If they believe a new manufacturing process will be required for the next generation in chips and Intel's margins are too high, they may well seize upon the opportunity to go after it.
This type of research it exactly what is needed to help sew the seeds for those next generation processor technologies that will help shake up the competitive landscape and dislodge the stodgier players who sit on high margins and care more for next quarter rather than the next decade.