Intel doesn't seem to be in that position though.
Well, to their credit, Intel has always released information on research projects pretty damn early. However, in this case, I think the problem is that both NVIDIA and AMD managed to make investors and analysts believe that GPUs are an increasingly important part of the ecosystem. There are two sides to that: one is integration and the other is GPGPU. Both are getting hyped up like crazy by NVIDIA and AMD during investor briefings, although in slightly different ways for both companies.
So, either Intel reveals that they do have a roadmap that will directly compete with those solutions and gives some basic details about that roadmap to create some basic confidence, or they risk having analysts and investors predicting that long-term, they will some significant marketshare in both HPC and the entry-level part of the market. That's obviously not an option.
Another thing to consider is that in the initial phases of the project, it wasn't just about selling the concept to investors. It was also about selling the project to management. Why should management invest in a GPU? Why should they even care, rather than... you know... just pump up their CPUs to 10GHz instead? Presumably and as far as I can tell, some of the initial presentations given at universities were related to the necessity of showing management that there would be momentum behind the idea.
The internal company politics around Larrabee are obviously not 'public' per-se, but some of the key pieces already leaked out a long time ago, and just slipped through everyone's radars. Basically, Keifer (core of Kevet, or was it the other way around? heh) was cancelled in favour of Larrabee. The former was less FP-heavy than the latter, and obviously could never have dreamed of replacing a GPU. But it would have been an interesting and direct competitor to Sun's Niagara.
http://www.theinquirer.net/default.aspx?article=32776
http://www.tomshardware.com/2006/07/10/project_keifer_32_core/
Also, it's funny you say this, because Jen-Hsun said pretty much the same thing at analyst day on the 20th. More interestingly, he added that while he didn't want to speak about their integration strategies in that timeframe, "they do have them".
I guess if you're ready to invest seriously in it (and hey, this is the same company which is putting *500 employees* on a single application processor project, for a business unit that is currently significantly loss making!) there's nothing that prevents you from putting together a x86 processor together in 3 years or maybe even less. With the major condition that you won't be able to compete in the high-end with that, and even less so on a foundry process. However, for a single-chip solution, you don't need to either.
P.S.: I still have an old transcript I put together of Jen-Hsun talking about his opinion on single-chip integration and related issues for more than 10 minutes or so. It's an interesting opinion, and certainly makes sense from their point of view. Maybe I should release that transcript out in the wild eventually, since I don't think the audio is even publicly available anymore... I really do love the point where Jen-Hsun was jokingly arguing that building a x86 core is easier than walking 2 miles!
P.P.S.: Errr, apparently, this post got quite a bit bigger than I thought it would. Oopsie. Do I get a cookie at least?