Will ARM processors be competitive?

I just ran across this blurb about an ARM-processor based netbook and it got me thinking.

I’ve been skeptical of ARM-based netbooks. While lauded for their low power consumption and versatility, because they’re mostly a PDA/cell phone/router type of CPU, I have trouble envisioning an ARM netbook as being very comparable in performance to one running, say, an Intel Atom.
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