That's what we said back when dual cores rolled around. Now it seems like a no brainer to avoid single cores in general applications. I do think we need better inventors out there to create a new market now that all this processing power is out there. Maybe make something like Project Natal mainstream and used in the regular household. I'm sure that could require a buttload of processing power.
Intel has a compiler project known as "mitosis" that is supposed to "help" break single threaded calls until SMP-enabled ones that will execute on multiple cores. Thereby increasing both performance and efficiency at the same time.
This was a couple of years ago, I don't know what ever came of it.