Apple does pretty well, but there's no way their design teams where are in their infancy is going to rival the experience Intel has.
As far as I see it, you've listed one benefit, cost. But at the expense of performance, power consumption and backward compatibility.
Their design teams may be in their infancy, yet they have the best mobile product despite these drawbacks.
Sure A7 may not be as fast as a S800 or Little.Big but it's so custom tailored it may be called "perfect" for the job required.
As for "Performance/Power Consumption" with their stockpile of cash, do you think it's a problem ? A couple of years, A couple of Billions and that's it.
As for backward compatibility, we know they don't care, they already gave up PowerPC,
Not to mention once you go with x86 you are stuck with Intel's decisions/prices/bargaining.
(Anand even hinted that Intel's GPU focus is because of Apple)
Now if you just need a Fab, you have Samsung TMSC even GF or Intel...
Apple has always been about "Control" and we've seen this in reviews how they change LCD, SSD, etc.
Having your CPU destiny in someone else's hands is not desirable, specially since a CPU change is a little bit harder than going from LG to Samsung for LCD.
The day 20W Arm exist and perform almost like 20W x86, Apple will switch to ARM.
The iMac are at what 20% of their total product sales ?
http://www.businessinsider.com/chart-of-the-day-apples-gross-profit-per-product-2012-8
Imagine the synergies of going Full Arm & iOS9 in 5 years.
Now someone said earlier he sees Apple going full x86, and if you want the best performance, that's probably Intel...
But Mass Market Users don't care about performance (dual, quad, sli) they care about "Looks" and "The Experience" and Apple is a control freak.
Full "InHouse" ARM is the only solution that makes sense if you want Control.