X86 is not going away, I agree, but Intel can hardly exercise the kind of dominance they've enjoyed for the last several years when they're facing serious threats at both the low and high end. At the low end, ARM simply beats x86 for anything with a battery. Intel has already lost the phone and tablet markets, and laptops are highly likely to follow.
At the high end, look at the http://top500.org/. #1 is based on SPARC VIIIfx. #10 is based on the PowerXCell 8i. #2 and #4 both derive much of their power from GPUs. Even that understates the situation, because many of the most powerful computers next year - Blue Waters, Mira, Sequoia - will also be based on non-x86 architectures. Then look at what Tilera or Adapteva are doing with many-core, what Convey is doing with FPGAs, what everyone is doing with GPUs. Intel is going to be a minority in the top ten soon, and what happens in HPC tends to filter down to servers.
So Intel has already lost mobile and HPC. Even if Intel keeps all of the desktop market, what percentage of the laptop and server markets could they afford to lose before they follow AMD? Maybe it will happen, maybe it won't, but anybody who can see beyond the "Windows and its imitators" segment of the market would recognize that as a realistic possibility.