Yes, the market is about to get flooded with $1000-class, twice the power-consumption Atom-based machines. (The ones unveiled thus far are at or over $1000, and Atom is the best x86 around for power, but way behind ARM.)

Nokia's generally expected to be coming out with an OMAP3430- (or so) based IT running about twice the clock-speed at about the same power levels by year's end or so. Probably around the same $400 price point.

Why should Nokia be running for it's life again? OS is the only complaint I can grant you, and it's not as unstable and beta-like as you might think. Especially with Diablo; HWR (really, stylus input generally) is improved dramatically, and in general it feels much more finished than OS2008 at first did, and even better than OS2007. And it's not even released yet.