Well, it exists, and was even powering a prototype tablet at Intel's CES booth, enclosed in a glass box. The 32nm Clover Trail is supposed to bring down battery consumption to ARM level, offering what Intel claims will be comparable performance, although it didn't specify whether it means the current Cortex-A9 dual-core chips, or the upcoming Cortex-A15 monstrosities.
The reference Clover Trail tablet has a 10-pin connector, HDMI and USB ports, microSD slot, and even a place for a SIM card module to hook it up to carrier networks. Intel plans to have it ready for battle when Windows 8 ships later this year, in direct competition with ARM-based tablets. Acer and Lenovo are rumored to be in the first wave of Clover Trail Win 8 tablets.