I was thinking of that possibility too. Even if a future Bobcat could start in either ARM or x86 mode, that wouldn't make much sense.
AMD needs to do something about the Windows 8 for ARM segment. The wink towards ARM seemed to preview that it intends to compete, possibly with better than average graphics performance, in time for A15's Windows 8 debut (or in ARM-based servers). There's no real effort into improving the core like Nvidia is doing. IOW, little is being invested to become anything other than an also-ran.