I agree it's time to go ARM. In the end, and considering both the latest performance gains and battery efficiency, it seems RISC was the good design. Intel had success with CISC just because of their marketing strategies, but it seems RISC is going to win the battle in the long term.
Intel had success with CISC because of the history with the IBM PC and DOS/Windows left them with a huge x86 legacy software base. The original ARM 2 & 3 chips were desktop processors that could open up a can of whoopass on the 286/386s of the day - but they couldn't run Windows (well, they could - I remember running Windows under software emulation on an Acorn ARM 3 system - but it wasn't exactly fast). The reason that there are currently no ARMs that compete with Intel's desktop chips is, mainly, because they have been unassailable, and ARM have concentrated on the low power mobile/embedded market.
Intel couldn't even compete with themselves when they tried to produce a non-x86 architecture (Itanium).
Also, modern x86 architectures have taken a lot of cues from RISC architecture. In simplistic terms, a modern x86 can be regarded as a RISC core sitting behind a x86-to-RISC translator.
If Apple were to jump to ARM, the big advantage would be neither raw power, nor power consumption/heat, but that ARM's licensing model means that they can pick'n'mix 'building blocks' to produce a system-on-a-chip that exactly meets their needs, and then produce it 'themselves'.
Certainly, to start with, ARM wouldn't be viable in the 'Pro' Apple's pro computers because of the lack of raw speed and the need for x86 compatibility. In the past, with 68k-to-PPC and PPC-to-x86, the switch has been accompanied by a big jump in raw speed, making software emulation viable as an interrim solution. x86-to-ARM wouldn't have that advantage. Things like MS Office and Adobe CS would be the sticking points.
However, I'd be surprised if Apple hasn't already got iWork/iLife, Safari etc. running on OS X ARM, and much of the newer software in the OS X App Store is probably just a re-compile away from running on ARM. I suspect that ARM - coupled with suitable GPUs, i/o controllers etc. - would be perfectly viable for an entry-level MacBook Air.