HardwareHell posted a tremendiously insightful article on the X86 architecture and whether it'll last, it covers a bit of history, Intel, Apple and IBM's new endeavours and a couple of other topics.
Since PCs are used for gaming, and consoles are getting more and more PC-like abilities, it is likely that this may end up as a battle between the two different approaches to computer design, with each company representing a design approach. Who will win? Who knows, but one thing is for sure, lessons will be learned by this, either by IBM who will realize it took a wrong bet on a route that's been hyped by theory and not proven in real life, or by Intel who will realize that not being innovative enough means not surviving in the long term.x86 - Here to Stay?
