> If Intel can't offer more compelling improvements in watts per operation, I would be very disappointed.

There are some pretty hard physical boundaries. Businesses write off their hardware in 3 or 5 years, it's rare to see a machine older than that. But there may come a time when a 10 year old computer is just as powerful as one you buy today. The replacement market is what's driving Intel's revenues for a very large part and if that should ever stop then it probably wouldn't be a great idea to hold a lot of intel stock.