Nope--running x86 software natively (see: Windows, Linux) is still a competitive necessity. If Apple wanted their laptops to run on embedded-class processors with an x86-incompatible ISA and no other venders than themselves, they would have stayed with PowerPC.
I don't expect Apple to abandon x86 any time soon but I would not be at all surprised to see them bring out an ARM-based Macbook Air with fantastic battery life and no heat. Most laptop users have their CPUs idling 80-90% of the time as it is.
I don't see any upsides for them in an Intel acquisition.
What's the point of a MacBook Air that's x86-incompatible? Unless they abandon x86 they'd either need to emulate it or fragment their product line, neither of which is an appealing option.
