Don’t hold your breath
Menlow is essentially the Atom platform. Previously Intel had said Mooretown would use ten times less idle power than Menlow, now it's boosted that claim to 50X.
That's still not low enough for smartphone use, however, as Moorestown is still being designated a MID (mobile internet device - bigger then a smartphone) processor. It's not until Medfield, in 2011, that Intel can take on ARM in a straight fight.
As you can see, Medfield is being positioned as a process shrink of the Moorestown architecture, in keeping with Intel's ‘tick-tock' processor development strategy. Moorestown crams the CPU and GPU on to one die as shown below.
Medfield will be a full System on a Chip (SoC) design, using a dedicated process. This last slide shows the relative size of the mainboards needed to run the respective future platforms.
As ever, it all looks great on a PowerPoint slide, but with Intel's entry into the smartphone market still a couple of years away, that gives ARM and its ecosystem plenty of time to their retaliation in first.