Well, you don't really do anything with apps and software ecosystem if there is no interesting devices/hardware to use them. If your device is not powerful enough, or if it drains battery too quickly, it all sets restrictions on developing apps. If for example Medfield is more powerful than competitors, equally good on power consumption(which is possible since Intel is way beyond others on manufacturing process), and additionally if Nokia actually gets custom version of the chip, it will give them upper hand. Not only for expanding possibilities for software but also marketing wise. So, even if Apple style "software is everything"-marketing jargon is popular nowadays, hardware still matters.

Nokia knows how to handle hardware, their problem has been with software and especially software ecosystems. I expect this to change with MeeGo and close cooperation with Intel. If executed correctly, it should be very good PR for both Nokia and Intel.