If it is produced, it definitely will be a niche product in the consumer market. Lets face it, power users and computer gamers (in the sense that we mean it, not farmville and facebook games) are a small population of the total PC market already, and I am sure a fair portion of that already small market will want the flexibility and upgradability of a separate cpu and gpu. Additionally, I am not sure how it fits for AMD, unless it is a hit in the server market and trickles down to consumers. It will be a huge chip, expensive to produce relative to mainstream processors on the same node, and will compete with AMDs own dgpus and consoles. And does one really think OEMs will want to build PCs with specialized motherboards, cooling, and powerful PSUs, when volume is the name of the game, and they try to cut costs at every turn?
Now if they could design a 40watt laptop chip with cpu performance equivalent to an intel mobile quad and gpu power equal to the GT960m level when the apu comes out, and price it significantly cheaper than the Intel/nVidia equivalent combo, that would seem an attractive package.