Everyone sounds revolutionary in whitepapers when they're looking for money. See if that revolutionary talk sticks around after they mass-produce their new hardware and have to support it. That's always when the magic disappears.
Transmeta couldn't build anything that competed with Intel's offerings. The power consumption was lower, but the performance sucked. They were about a generation ahead on power consumption but about 2-3 generations behind on performance.
Code morphing has an inherent penalty---negligible for some instructions, severe for others. Same for emulation. Now that Intel is focusing on performance per watt, these "efficient" architectures are going to get buried by a truly efficient native x86 implementation.
Transmeta existed in an environment where Intel was focused on improving performance almost exclusively. They had a little niche of the market all to themselves, and they couldn't even survive then. Now that Intel cares about power consumption, I wouldn't bet on anyone else gaining a foothold.