I've had this mixed feeling about the whole Fusion thing as well. I suppose I can't fault AMD's vision and business strategy - it paid goodly amount for ATI - but as others have suggested this can accelerate the console-lization of PC. Also it is, at least in part, responsible for the lack of innovation in motherboards in recent past.
For years we haven't seen anything new in motherboards. AMD and Intel have practical monopolies on chipset business, respectively, and lack of competition results in no progress, plain and simple. NVIDIA is actually the one that's struggling to bring something new in this front although it hasn't been very successful, partly because of legal issues and partly because of its own opportunistic behaviors.
Motherboard manufacturers response has been adding blings and gimmicks on the high end, and creating hair-splitting tiers by cutting corners one by one on the mid-to-low end. That strategy worked to an extent in the past few years, but I think consumers have wised up by now. The global recession played a big role in that, no doubt.
Frankly I have no idea where the industry will be headed. Every player seems to have a grand plan or two, which all sound awesome on papers. But there are too many unknowns as well as healthy amount of skepticism which are not completely baseless judging from past experiences. Add to that the rapidly evolving social, economical, and legal environments, nothing seems certain. But I digress.
Time will tell, I guess.