Yep. And I am sure they already do that. To get some kind of "magic solution" we need something extremely different like IA64 style.
And thats not going to happen due to the market.
I'm sure they do as well. I think in the long run, processors would be faster if they had continued down the Itanium route. But, there was market pressure for both 64 bit, and backwards compatibility. Itanium was a tacit admission that there were things in x86 that really needed an overhaul. And still do.