I remember the Intel transition well. Back then, I was excited for the transition because I was coming from Windows and the ability to emulate and/or dual-boot Windows made the Mac appealing.
The appeal of the Intel transition was what it offered to Windows users, some of whom switched. Unless MS announces a switch to an ARM-based OS in the near future, Apple will have to give serious consideration to the impact of this transition on their customer base.
Another problem with a transition to ARM is in what it will offer to consumers. Better performance per watt without a noticeable performance hit? lower cost? Is this significantly better than Intel? behind Intel? on par?
The other problem for Apple will be software segmentation and consumer confusion. As others have pointed out, the Surface RT was a dismal failure compared to the Surface Pro. How will Apple explain software segmentation to the average consumer? What happens when someone buys an ARM-based system and finds out post-purchase that they cannot run a particular program because they did not purchase an Intel-based machine?
Is this move being contemplated because of AMD's Skybridge project (i.e., the co-development of pin-compatible ARM and X86 chips)?
Apple is nowhere near the level of performance Intel is and it never will be. Why? Apple's focus is on hardware. Intel's focus is on CPU's and chipsets. Ya you forgot about chipsets. There's not a chipset in the world that will support the ARM processor. You will be stupid in thinking that Intel's chipset will support ARM.
Computers have chipsets because it's a lot more complicated then tablets. It has multiple IO's, a BIOS, Multiple PCI-e lanes, and CPU to support where the tablet doesn't.
The real reason is because there's no chipset that supports Apple's ARM CPU. Apple is stuck with Intel.
You raise a good point about chipsets and I/O for ARM-based Macs. I don't know enough about chipset design to comment, but I am curious how Apple would handle the need for I/O on ARM-based Macs. What about USB 3 or 3.1? HDMI? Before someone chimes in about TB, there needs to be an affordable TB docking station! For the cost of a TB docking station at $200-$300 (none of which do it all), Apple might as well stay with Intel.
I think the real motivation to do this is because Intel doesn't have enough competition from AMD to release new chips on time. They keep delaying them and Apple is sick of it. The Broadwell architecture is coming in December at the latest. It'll be about a year late. Delayed at least twice. Apple's going to miss the back to school season because Intel knows people will buy their chips anyway because AMD isn't releasing anything competitive yet. That must make them mad. On top of that, the basic math is that Apple can crank up clock speed, core count and redesign their architecture enough to soundly beat Intel chips at the same power consumption. It's probably not about power consumption. Just performance and Intel hurting Apple's bottom line. Nobody should be happy that their Mac costs $300-$400 more because intel charges an arm and a leg (no punn intended). Compare that to maybe $40-$50 for an ARM chip.
Hopefully any decision regarding ARM-based Macs will be made based on a logical response to the overall market picture and not on an emotional reaction to delayed chips.
I wonder if Intel's statement that it is willing to fab ARM chips has anything to do with the rumblings in this rumor?