Actually if you look at the paper is a serious deal: a full study of performance of various hypothetical architecture changes like 4 way SMT vs 2 way SMT, smaller but slower cores and this Morph thing too. Research funded by Intel themself probably.
Apparentely it's the best way to preserve single thread performance of an already extremely optimized architecture like the core line but also get a boost (20% average) when smaller multiple threads are loaded and you don't want the complexity of a 4-way SMT, plus it saves a lot of power.
The rumor may be dubious but the tech is definitely there and will be used one day, unless another more efficient option comes to mind.
It would also be in line with the rumored Skylake's great power savings (while still using 14nm process) and the better multi-thread scores I posted of a leaked Geekbench result.
As I mentioned in another thread, I believe Skylake does not use MorphCore -- instead, I attribute the better MT performance to the (rumored, though likely) fact that Skylake shares L2 between groups of two cores, as well as having a better inter-SoC communication fabric (the 2D mesh).
I think MorphCore would result in a more substantial performance uplift -- it was 22% in the paper for MT by virtue of implementing MorphCore alone, with all else being constant. Geekbench's results do not support that at all. Also, I cannot imagine that MorphCore is ready -- the paper was published in 2012. I'd also think its first implementation would be a work of Hillsboro's team, e.g. Icelake, considering that was where part of the support came through.
Skylake looks interesting, in the sense that it may be a bigger deal than Ivy Bridge and Haswell were. Unlike Sandy Bridge however, it may not get a clock speed bump over its predecessors (and that's where its improvement really came from -- it was only about 10% faster per clock, just like Haswell).
I'm not totally convinced, though. I feel like the more I learn about Skylake, the less excited I get. There are still way too many unknowns to be making bets with any sort of certainty, though. In particular, I am wondering if Intel's revamped Skylake's clock trees...