Intel's advantage is only of about 1 processing node generation, but that's not even for Atom right now. It's only for their highest end chips. Current Atom is at 45 nm, and it will move to 32nm next year, when ARM chips will be at 28nm. But this doesn't even matter anyway. Even if Intel was 2 processing nodes ahead, ARM would still be more efficient.
Even though the whole dev chain is slightly more flexible to an ISA change, Intel will still be slighty x86ed out of the market only they will be on the other side of the fence this time.
Intel won't run on the phones, but they might, if they play their cards right run on tablets and netbooks.
It really does suck to be the 900 Lb gorilla.
ARM chips are only (notably) more efficient when they slower. If you compare like vs like it's not as simple. Eg, 2 GHz ARM A9's are roughly more as powerful as a 1.8 GHz Atom, and have similar power budgets (leaving aside Intel's pathetic chipset & graphics support for now)
I wonder if they would use Android or MeeGo...
Obviously, the biggest factor for Meego's success is if it can get any real attention from the media and consumers.
Moore's law has nothing to do with speed, only transistor count in the same space. While the speed increases are impressive, they're still picking off the low hanging fruit, as people haven't fully figured out how to optimize for the space yet. Kal-El will reportedly be using 40nm transistors, compared to the 22nm process Intel is able to do.
Which means there's more room for the amazing in the arena. :)