"Or say you're running your display from the on-die graphics, and only spinning up the discrete card when a 3D application needs it. There might be power-oriented benefits there."
Nvidia's Optimus tech already does this with Intel's mobile i3 and i5 platforms. However it would be great to see this technology migrate to the desktop space, and desktop APU's offer the opportunity to do this.
Not sure it would make as significant a difference in desktops though, as modern discrete graphics cards, even high end derivatives can offer very reasonable power usage at idle, ~30W. So how much less could one of these integrated GPU's consume at idle? Well... it's guaranteed to be less than a 30W difference.