" Intel's least demand, lowest margin customers are ARM's high margin most demanding customers"
This is where I think you're wrong. The phones & the tablets are where the money is, the chromebooks are an uninteresting sideshow for the ARM vendors just as much as for Intel. There's no way they're making the same money on $200 netbooks as they are on $700 phones. They're also not putting any R&D into that segment, it just happens to move along with cobbled-together parts. It's not a path to anything.
"I can easily imagine a future generation of SOC for systems with keyboards as much as they are useful in today's tablets."
You seem to misunderstand. Of course systems are getting more integrated--the question is whether consumers are interested in buying a server whose hardware is completely different than the server they bought six months ago, which needs completely different core drivers, can't boot the same kernel, etc. It's not in the consumer's interest to have that degree of vendor customization in the desktop and server markets. I already pointed out that Intel actually derives a competitive advantage from standardized SOCs: their competitors have to be better engineered just to overcome intel's process advtantage. E.g., you need to have a singificantly better 28nm 10GBE implementation to be more power efficient than intel's 14nm implementation. Is that likely? Can the ARM server vendor outperform intel's CPU, and outperform intel's best in class networking, and outperform intel's fairly solid storage controllers, and outperform intel's pcie controllers, and outperform intel's memory controllers, etc.? That's a lot of R&D, and none of the competitors have that kind of head count.
Don't get me wrong--I'd love to see ARM as a strong competition to intel in the server space. But watching how fast intel has pivoted, how quickly and reliably they deliver on new tech, and how slow and underwhelming the ARM vendors have been, I just don't see it as likely.