I think I understand what snow is referring to,

he is saying that Fusion is not a challenge for AMD, since APU will replace low end in a cpu/gpu solution, which is something Nvidia does not have, (I gather its because they do not have a x86 license).
And so the battle might be between intel (lacking Dx11 among other things) and AMD... if manufactures can give a gpu embedded in the cpu to save costs, well I don't really see Nvidia retaining any market share in that particular cluster