They added a big custom floating point unit to an old Pentium design. That's like strapping a rocket to a moped, you are welcome to ride that, I would rather walk
It would work if they back ported the Phi architecture to mainstream CPUs such that you could buy an i7 and run 8 threads of identical code to the Phi albeit at much reduced speed. It sounds like the Phi extensions will remain Phi only though, so calling it x86 is wrong and an insult to our intelligence.
Even Nvidia got this right, they made cheap consumer cards like GT430 run FP64 instructions at a much reduced rate compared to the top end GPGPU cards, but the ability is there.
Oh course Phi failed as a graphics card, maybe the Intel CPU guys can see why and refuse to be tarnished by the project.