I don't really see anything beneficial for gamers coming out of this. I'd consider ourselves lucky if we continue to have the currently available options for CPU / video card.
I recall an earlier debate before about how Intel could easily create better integrated video chipsets for their MBs, but there was no incentive to do so. The people who use those crappy video chipsets are perfectly content with them (because they don't game or don't play very graphic intensive games) and the cost of an extra few bucks a board for better video chipsets isn't worth it for Intel. Besides, the "gamer" is the type of person who goes out and gets the high end l33t video card anyways. It's for this reason that I doubt we'd be happy with any kind of integrated video solution AMD or Intel ever comes up with. There's always a better stand alone card and I already upgrade my video card more often than I upgrade my CPU. Maybe this will lead to some sort of more standardized PC "console" solution for gaming, but I doubt it. We like our options.