I'll be interested when we start seeing high end Iris Pro IGPs on these CPUs. The Broadwell U that Dell use in the XPS 13 are still 5000 series IGPs...meh. Can't even run Diablo 3 at 1080p.
HP Sells the Envy 15t touch slim laptop (since AMD systems can't use the Ultrabook term) that features AMD's FX-7500 CPU with an R7 IGP. It's performance is just under the Iris Pro 5200 GPU used DTR notebooks, and is far faster than anything in the Intel Ultrabook camp. The CPU side is about as good as an i3 in single-threaded tasks, and a midrange i5 in multi-tasking workloads. An FX-7500 based CPU and 1080P screen option runs just under $900 (which is good, because you'll want to take the extra money and put a not sucky SSD in it).
At 1080P Ultra Settings, an Iris Pro 5200 gets about 46FPS in Diablo 3, so a FX-7500 should manage around 40FPS. That's pretty respectable for something that doesn't have the benefit of eDRAM and has less than half the TDP (The FX-7500 is a 19W TDP processor, while the Iris Pro 5200 is only available in 55W Desktop Replacement Notebook segments).
If you mean that you're waiting for something with enough performance to run AAA games at 1080P low settings in a 15/19W Ultrabook TDP, then you'll be waiting around for a long time. That's 750Ti/ R7 260 territory, which even if we look at the 750 Ti, is a 60 watt TDP. Even if we keep performance static, and hope the 20nm transition comes within a year, you're talking about a 25% ideal power savings + a little extra for better binning / fewer board components, which means a 30-35 watt GPU still being required. Lets give it the benefit of the doubt, and say that next-gen architectures cut another 10 watts and we get down to 35 Watt. You're still over
double the TDP required for an Ultrabook and haven't even included the CPU yet! These numbers bear out in the real world because the NVIDIA GTX 860M is essentially 100% of a 750 Ti and it has a 45 watt TDP.
It's simply going to take a while for us to get down there, but as with most computer progress, it will happen eventually