This would be the end of Mac as we know it... or even Apple.
The transition from PPC to X86 was difficult, but it also made the Mac compatible with what the rest of world is doing (as in Intel/Windows monopoly). Because they made Mac easier to work with and realize the potential of using a Mac without having to take many compromises. Apple had the full support of software devs.
Google, with much less burden on its shoulder, can't really seem to quite crack the windows dominance. I can't think how Apple is able to pull it off.
And quite honest though, I have the latest iPad Pro... and it's so far away from replacing my Mac that I don't know where to begin to talk about it.
I'd just put it this way... some things are meant to stay the way they are. The way I feel is that Cook & Co are betting that by merging both OSes, they can get devs for develop for one thing and make it work on the other relatively easily.
Nevertheless, they have to check first where the market is at. Unless Microsoft is also calling it quit on X86 architecture, going without the full support of devs will easily create a scenario that I can already envision:
The mobile version (UI-wise) will be too underpowered, while the desktop version will be too dumbed down due to the common denominator effect.
Devs either create a core that's targeting the desktop users (plenty of power) with the mobile version severely slowed down or a core targeting mobile devices with a desktop version that's too overly simplified.
The end of Apple?
Even if apple stopped making macs altogether it would hardly be a blip.