Ti Already has a very similar processor out, OMAP3, but it only runs @ 600mhz, it can do 1200mips. The power consumption is very low, much lower than the atom CPU, but then again I saw a atom benchmark of ~3900 MIPS.
We all know how much disgust there is with the current power hungry chipset that intel bundles with the atom cpu. On the OMAP3, the total power consumption of their demo board was ~2w, which is as much power as the atom cpu uses alone.
Also the omap3 integrates a opengl GPU on the die.
The OMAP3 can also handle 720p decoding
If the freescale can do what the OMAP3 can already do but increase the MIPS then it will be a great product.
The only problem with using ARM based products for linux, is that ARM based products typically do not have high speed peripherial interfaces that we are all accustomed to with x86 platforms; PCI, PCMCIA, IDE, SATA, etc..
I am a really big fan of the synergies that ARM and linux bring to each other. Linux abandons the windows codebase, and ARM will never support the windows codebase anyways. Linux is less resource intensive and a high powered ARM can run linux decently. There are hardly any addons peripherials for ARM based computers so linux's lack of driver support should not me much of the sore thumb.
ARM has just made huge leaps with the introduction of its cortex core, this is the beginning. If Linux can get it's act together and be easy enough to use as windows, I have no doubt that ARM will take a huge chunk of market share away from Intel/AMD/Via.