They had a great plan, that was promising, and Intel was focused entirely on the pentium-4, which had high clocks for bragging rights, long pipeline (related to the high clocks), and high power usage.

However between Transmeta's idea and shipping a product Intel's Israel location came up with the Intel Core series. MUCH more energy efficienct, much better performance per clock, and ideal for lower power platforms like laptops.

Sadly transmeta's no longer had a big enough advantage, sales decreased, and I heard many of the engineers ended up at Nvidia, which did use some of their ideas in a nvidia product.