Here's the slide in question:
Close encounters of the "blurred" kind!
OK, first off, if we are to accept that the iPhone is headed to x86 country based on this image, we also have to accept that TomTom GPS receivers and the Nokia N800 Internet Tablet (now discontinued) are going to feature Menlow processors. There's no indication that any of this is going to happen, so why give any weight an iPhone CPU switch. I can put an "Intel Inside" sticker on my pet cat but that doesn't make it so.
Currently the iPhone makes use of an ARM processors, and this is what I see Apple sticking with for the foreseeable future. It's small, fast, efficient and has no issues with heat. I can't see there being any reason for Apple to make a switch to the x86 platform.
I'm filing this under "B" for bogus. This is either a case of someone in a marketing department having gone nuts with the clipart, or a doctored image.