The history of the PC is one of commoditization. A fractured multi-polar landscape is detrimental to the ecosystem/productivity and should ultimately fail.
x86 emulation is an important puzzle piece, and I'm happy Valve recognizes this and sponsors it.
At which point does this pay off the emulation overhead? Fex has a lot of work to do to bridge two ISAs while going through the black box of compiler output of assembly, right?