I think the point everyone seems to be missing is that this will open up support (most likely) to other x86 platforms. Sure Google and Intel will optimize it for Atom but if it works on one x86 chip it should work on the others. Besides even if they put code in the OS to prevent installation on non-Atom chips, it's open source so it will only take a small amount of time to port it.
There are x86 versions of Android now but getting it to work on anything besides tested devices simply doesn't work.
So AMD is being smart, let Intel and Google spend the money on development, then work with a company like Acer to get a Tablet with their stuff in it.