Nah, they can keep improving on the original x86 much like Intel improved it with the 3x86 and AMD has done recently with AMD64. Further changes in the future appear to be to depreciate x87 performance in favor of SSE 1/2/3 which largely fix all of x86's ass backwards and anemic FP performance problems...
Integer wise x86's performance is still hanging in there quite well with the best CPU's you know so I don't think there are any problems on that front, ecspecially since AMD64 fixed the lack of GPR problem.
x86 is going to be around for a long loooong time and outside of arch. designed to be very good at one or 2 things will be very competitive with pretty much everything for a long time to come IMO.