I agree on the CPU power front. My core i7 machine will easily last another 5 years without needing to upgrade, because in my opinion Intel have reached a point where they can't better themselves at this point in time. But what about storage? An iPad for a 64gb model is super expensive, about as expensive as a laptop with at least 500gb, sometimes 750gb of space and a decent screen + CPU. Sure not everyone needs space, but we are living in a day and age where more people are downloading than ever. A 64gb tablet vs my 3.5tb of PC storage with option of buying another $70 1tb drive and adding it in when I need more, tablets can't quite compete on that scale.

But relevant to Intel: do you upgrade your PC or get an external drive? Even if everyone still has a PC, longer upgrade cycles mean less revenue.

Exactly. Upgrading a hard drive doesn't benefit Intel. They've become their own curse. Intel provide such powerful chips like the i7 series that people don't need to upgrade as often. Power has become irrelevant even a Core i5 is super fast and future proof.