IMO, while an APU may be a good idea for a laptop, I can't see myself buying one for a desktop. Buy a modern CPU today and it will pretty much last you 5+ years (SB should easily be good for the next 3 years, especially if overclocked). Meanwhile, pretty much any GPU from that era will be hopelessly obselete. So while the CPU may last a while, the igp will be pretty much useless after 3 years.
I'm not sure this is the case. TSMC's stagnation on 28nm has made GPU lifecycles much longer. If you bought a Radeon HD 7970 back in December 2011, that card would still be a perfectly viable mid-range GPU today. (After all, AMD sells the same card today - with slightly higher clocks and worse power consumption - as the R9 280X.) And the odds are that we're going to be stuck on 16nm FinFET for at least as long as 28nm, if not longer.
Yea, the problem is not whether Kaveri is good enough (in my opinion it isn't quite there) but even if for the sake of argument you say it is, the question is whether there is a similarly priced better alternative, and for the desktop the answer is clearly yes. Will HBM change that? Perhaps, but that is yet to be seen.
Lack of memory bandwidth is
the reason why APUs currently are not viable. Kaveri reviews indicated that there wasn't much improvement on most games when going from 384 SPs to 512 SPs; the bottleneck was memory bandwidth. DDR3 is just not going to cut it. The original intent was for Kaveri to support GDDR5 (probably incorporated onto the motherboard), but that was cut. The advent of HBM changes the whole equation; once it's possible to put 8GB of ultra-high-bandwidth memory on top of the APU, then devoting a larger portion of the die to more shaders starts to scale again, just as it does with discrete cards.
Currently, none of AMD's APUs can even compare with the old Radeon HD 7750, a low-end card released in February 2012 (over three years ago) that cost $110 at that time. That's a pretty pathetic level of performance. Since 1080p is still the most popular resolution, it will make a big difference when APUs get strong enough to play AAA titles at Full HD on normal detail settings. Right now, that means something similar to GM204 or Tonga, maybe a little less. 16nm FinFET combined with HBM should make that possible.