Integrated graphics is more than 80% of the PC market. Just think how many of the corporate PCs have discrete graphics? Almost none. How many people buy HP, Dell, Gateway, Acer for $5-600 with discrete graphics at Walmart, Costco, Best Buy etc ? Almost none. The portable market has ~98% integrated graphics, the PC market has ~80% integrated graphics. Whoever can offer the best (understand cheaper for OEM integration) good enough performing APU, will have the market advantage...AMD is doing quite well here. If they gain popularity with APU platform and start getting some Open CL applications, they can further target high performance systems, where NVidia's GPGPUs are currently the king. That is 50% + NET profit type of market, much better than the server market.
AMD's only risk is if ARM processor advance explosively and gain the mainstream desktop...My guess is, they have maybe a year or two before it happens. Intel is not scared of other architectures. Intel is the top process manufacturer, they can afford to make anything better and cheaper, including ARM if they decide so.
Anyway, LLano is a great technology, I hope AMD can market it smartly.