What's the big deal? From all I have heard, Qualcomm has already gathered a huge customer base for X50, while Intel has a couple of "strategic partners".
So that race is already lost. Again. Doesn't matter anymore if Intel has a competitive product or not. It's just a vanity project for Intel now.
Judging from Intel's history and culture, BK will try to fix this by buying some other company. Just wait. You heard it here first.
You know, I laughed out loud at your last paragraph before I realized how sadly true this is. This seems to be modus operandi for our dear leadership lately.