I think the 80386's final design benefitted tremendously from the Motorola 68000, then the m68020. Had Motorola not released a proper 32 bit CPU without compromises, it could be argued that Intel would've had yet another stop-gap after the 80286, which itself wasn't intended to be a proper successor to the 8086/8088. As it is, the 80386 came with a number of compromises. For instance, there was no cache at all beyond…
Does the lack of atomics really matter, given that there was (AIUI) no SMP on the 386? You can always disable interrupts to make your operation 'atomic' in a uniprocessor context.