In the mobile market, "differentiating on GPU" or even on CPU is not going to work, as we have seen with Tegra K1 (which arguably has the fastest merchant solutions on both counts, depending of course on what benchmark(s) you care about). ARM/Imagination will license you great IP.
The differentiation comes from delivering on every key vector, including CPU, GPU, image signal processor(s), video encode/decode, connectivity, comms, and so on.
AMD has no connectivity story and no cellular story to speak of, so its place in the ultramobile market is unlikely to be meaningful -- no matter how many times people point to Mullins benchmarks run in a bulky test system with no power consumption/battery life measured