Yup, no reason to ditch it, and plenty of reason to actually put similar R&D money into Atom, the same way they've been doing tick tock with the fat CPUs.
Fundamentally, tick-tock is an ongoing R&D policy. Rather than starting a big design, and then finishing it, they decide where to go next, and freeze some design goals at some point, and get that done, while continuing to improve it for gen n+1, n+2, n+3, n+4, and so on, internally. Then, next year, repeat the same thing. While it takes a few years to finish a CPU, that way they won't be too far out of touch with the market, like they were with the P4s. It may take 3 years to adapt, but as long they're internally working on a few different branches, they can choose the most compelling features to finalize, then refine.
Also, if they only released new CPUs every several years, business would only want to upgrade shortly after the new CPUs came out, which would be devastating to the rest of the PC market*, which would become insanely conservative at that point. It would also drive Intel to act insane, like RAM companies, pumping out massive quanitities, then rationing them while they update their fabs.
* PC = runs standard Windows or x86 Linux, and isn't branded Apple