Fantastic!! We can now run the stripped down version versions of the applications we've had for years on our desktops ... on our desktop ... wait ... something isn't right here.
First of all, I'm sure this is a fun project for these guys, and they probably will get bought out (more than likely by Intel, just because they want to move x86 into the booming mobile market, and what better way than to just make all the applications work w/o modification and recompilation), but be realistic w/ your expectations.
Secondly, this may make development for Android slightly easier. Fantastic, more power to them and it's (we'll call them) developers, but not a SINGLE application that runs on Android (ie Java sitting on top of Linux) can hold a candle to it's desktop counterpart. Lie to yourself all you want, but they are in two completely different leagues. Time wasters (Angry Birds, etc), maybe, but any 'big boy' application, not a chance.