It's not a moot issue at all. A lot of applications use Open GL 1.4 or 2.0, so they won't work if the only OpenGL context provided is 4.0, as they are not backwards compatible.
ARM is pretty well known in the embedded space, since the vast majority of embedded devices use ARM. And having one supplier instead of multiple ones is not a good thing.
So long as we can use 'vanilla' Linux, such as Fedora or Ubuntu then it would be nice. Then we can use virtualization (or even wine) to run Win stuff. But I don't consider Meego a "real" OS, it is developed for embedded devices not for desktop.
When I think of an OS I think of the applications ecosystem as well, not just the kernel and GNU stuff. Can it run Skype, Flash, Opera, and other closed source applications without specific support from those application developers?