David, with regard to ARM vs. x86, the same arguments were made back when PowerPC was going to clean Pentium's clock.
It's RISC vs. CISC all over again. That battle ended up with RISC processors becoming more CISC-like and CISC processors becoming more RISC-like. But the ultimate victor was CISC.
Same thing will happen with ARM vs. x86. We already see Intel (and maybe AMD) push x86 into smartphones and tablets. No reason why it can't. Meanwhile ARM and its advocates are trying to push upward into laptops and even into servers and workstations.
I repeat: There really is no reason why x86 can't compete in smartphones and tablets. All x86 instructions get translated internally into uops anyway. That translation takes maybe 5-10% of the CPU die and power. Nothing that can't be made up for by Intel's manufacturing edge and experience in designing for lower power.
Like Chipguy said, all else being equal, ARM should theoretically be better than x86, but things are never equal.
Tenchu