If you care about code density though, x86 wins, because it's still an 8-bit instruction set at heart so it can encode some instructions in a single byte, whereas 68k instructions are 16 bit and therefore always multiples of two bytes.
The x86 has variable length instructions from hell that make up for the short instructions. The average code density of x86 is better than most RISC encodings but a ways behind 68k and Thumb 2 ARM which both use 16 bit instruction encodings. The 64 bit x86 is a little worse yet at code density. I think the 68k can be improved 5-10% in code density over the 68020 or ColdFire with the additions the Natami is likely to add without significantly increasing the complexity of the decoder. Those little ARM devices have good battery life but are dogs and x86 devices are fast but chew through the batteries. An enhanced 68k could hit the sweet spot between. We know how little of memory and storage an Amiga needs to be useful.
x86 will still be around for a few more years at the top end but it won't hold on forever. Heat dissipation is already becoming an unmanageable problem in high performance systems. Whereas ARM is already being investigated for servers, and Nvidia are going to be pushing it for mainstream desktop/laptop use. AMD and Intel don't just supply top-end CPUs, once their mid-range and server markets fall away they're going to find their premium products much more difficult to keep competitive.
Servers generally need to access lots of memory and 64 bit x86 makes sense there. Yea, it generates a little more heat but crank up ARM to that processing power with 64 bits and I wouldn't expect a huge difference. PowerPC was supposed to be able to dethrone x86 due to it's more efficient and superior design but it didn't happen. IBM has take the PowerPC to the max but it's advantages don't seem to be enough to pay the cost differential in most cases.
But let's not forget what else we already have in the community, AROS's new Kickstart and 68k JIT for ARM CPU's could come in very handy for the scheme I have in mind.
The fpga Arcade chose fpga CPU emulation over ARM CPU emulation. It would be interesting to see how a faster ARM could emulate the 68k.
... For a new golden age the Amiga would have to do the same thing that the 1000 did, totally revolutionise the gaming/computing world like it did back in 85'.
It's very difficult and expensive to revolutionize the gaming/computing world anymore. Another golden age for me would be a very affordable for everyone Amiga in 1 chip (68k CPU, custom chips, 3D) with backward compatibility. Think Natami produced in enough quantity to approach the Raspberry pi price. Say $100 U.S. with the expansion the Natami has. It is possible with enough quantity.