I don't understand people who say "it's not gonna happen" just because they don't like it. This is a completely different thing, and Intel will always be at least one step ahead, because there is no need for emulation.
Sometimes emulation works. But only when emulating old and outdated hardware. For example, you can emulate an 8-bit game console on any modern x86 computer, because the latter of the architectures is way more advanced AND because the old architecture is discontinued and we know that it won't be improved. So we can safely say that as time passes, its emulation will be easier and easier because x86 advances.
In this case, it's completely different. ARM is playing catch up with x86. Ok, first of all x86 is still improving so it's plain stupid to emulate it. And then, there is new software developed for it all the time, so that can cause incompatibilities later. Basically, we can't be sure that this emulation will work next year. Maybe Intel will achieve a big breakthrough in their technology and newer software written for x86 just won't work with their current emulator.. and they won't be able to update it anymore... Then the developers could choose to write apps either for Intel's new processors or for the "old" emulator, creating the same split between "mobile" and "desktop" as we already have again. It just doesn't make sense to go this way.
I see no way this could succeed, it's just counter-logical. I'd say Microsoft pulled another Windows RT. When they released the original Surface with its RT OS, I immediately knew it would fail. I don't think this feeling will fail me this time.