I expected an announcement in six months but Qualcomm decided to deliver a nice CES surprise.
This is just a demo of Android running on the chip rather than a full scale netbook implementation but it definitely looks like they are heading in that direction. It looks like the x86/Windows combination is about to get some competition in their fastest growing market. I fully expect Apple to enter this market as well, though whether it will be based on an Intel chip or an internally developed ARM chip is an open question.
One thing is for sure, this is very good news for consumers. The one mortal lock in this is that Snapdragon/Android based devices should have a significant cost savings over x86/Windows.