Isn't it strange that it seems to be Amithlon users/wanters that defend the x86? :-D Personally, I think that the only positive point of the x86 is low price. Other CPUs do the job more elegantly and better.
And yes, Kronos, people do still use asm optimisation and coding, just not on the x86. For other platforms, using visual basic to compile a new compiler would be unthinkable.
Ok, anyway: you mention all the special things that have been done to shore up the basic 8086 legacy problems. And they seem to be very effective, but there is a limit to how far you can push. You build your foundations on the sand, and no matter how well you build your house, it will collapse in the end. This is the cold, hard truth in the end, no matter how many billions of dollars and millions of man-hours you spend.