Given my experiences with the K6-2 I see no reason why updated x86-32 bit chips using 90nm processing couldn't find their way into what I expect will be an explosion of portable "univerisal communicator" type products.
There is a universal communicator. It is called a 3G cell phone
and is a major reason why over 400m ARMs and ARM core
based chips are sold every quarter. ARM MPUs have a huge
advantage in software, OS, low power, low cost, and widespread
industry licensing. Unless you think Windows XP based 3G cell
phones are in the cards then you can kiss x86's hopes here
good bye.