It would be worse in almost every aspect.
The cost wouldn't change much, and Apple wouldn't profit much more from the switch. The cited CPU cost is the suggested retail price. Apple's volume lets them negotiate huge discounts.
Battery life would go up a bit, but battery life is already pretty good on Apple laptops. My 2013 11" Air gets 8 hours easily, but can go as long as 12 or as short as 2 depending on screen brightness and CPU usage. Unless you're keeping the CPU busy, the screen is the biggest consumer of power. Cutting CPU power consumption in half would only increase battery life by 20-ish%.
The PowerPC to Intel transition worked for several reasons. Most importantly, Intel CPUs were much faster than PowerPC. In everyday usage, the fastest ARM chips are 10x slower than a quad-core Haswell. Moving to x86 also increased the features of Macs, allowing them to dual-boot Windows and efficiently virtualize other x86-based OSes. Switching to ARM would backtrack on both fronts. An ARM-based Apple laptop would have no boot camp, no Windows virtualization, and no efficient emulation of legacy applications.
CPUs are only a small part of why tablets have longer battery life than laptops. Tablets have no keyboard, trackpad, or hinge, so they can basically be a giant battery with a screen attached. The iPad has a bigger battery than the 11" MacBook Air, despite the Air weighing 50% more and taking up 30% more volume. (Edit: This has recently changed. The 11" Air has a 38 watt-hour battery. The iPad 3 and 4 had a 42 watt-hour battery, but the iPad Air has a 32 watt-hour battery. Still, it's even smaller than the earlier iPads, massing less than half the 11" Air.)
In short, it doesn't seem worthwhile to do all this work and sacrifice so much performance for some incremental increases in battery life and profit.