The careful balance of every aspect of a modern CPU is an art very few people practice. I'd say IBM and Sun have't left this game just yet for very high performance platforms, but don't expect a Core i3 coming out of either.
If you look at a particular technology node, one of the best correlations of power consumption is chip area. It's pretty much a straight line.
Now, that has probably changed a bit with how aggressively we turn chip areas off nowadays. So, we probably have to alter that to power consumption vs active chip area--but it's still a fixed line for a technology node.
It'd be, of course, totally incompatible with what we have now.
Whose only competitor is ARM, which is little better in terms of decoding complexity.
T32 indeed has this problem, but not A32. With ARMv8 ARM released the A64 instruction set, which is designed new from ground up and is to my knowledge also not hard to decode. Nevertheless decoding complexity is not that relevant anymore. What is much harder and involves more die area is (super-)pipelining the execution, out-of-order execution etc. But even all this together: What consumes most die area are typically the caches.
There is absolutely no reason to reach that conclusion.