Motorola would not have had the ruthlessness of Intel, and desire to improved the Chip. Right now we would all be using 100Mhz 68040s...
That might have been true if the PC CPU market dictated all advances in technology. I'm sure some embedded or supercomputer hotshots would have plowed ahead, and the PC CPU market would just be forced to go with the flow. No market intentionally holds back without getting their butt kicked eventually.
Besides, if IBM had gone 68K, that's no guarentee the machine would be very good if we all had to run MS-DOS. Somebody would have made something better. Apple might have contracted another company to build a new CPU. Atari might have bought the Amiga. Commodore might have done very well making clock radioes. :-D
Whatever would have happened, I'm sure nobody would sit around wondering, "What if IBM had chosen the 8086? We'd be stuck with 8Mhz CPUs, and have to get all our entertainment from Coleco Vision 2!"