In addition, look at how popular netbooks are becoming. The Intel Atom is an in-order CPU. Imagine a hyperthreaded, 1.6 GHz 486...
On the iPhone it's even worse. It's got a decent vector unit, but the CPU is very slow. You'll see great wins by doing your 3D math yourself.
As we continue to become multicore, I could imagine somebody shaving a couple cycles out of the core message passing routines, though you're almost certainly bus bound in those situations...
Computers are getting smaller and people want more out of them; assembly language is back in style!