Initially I didn't like the idea. But thinking it better it might be actually good. The big PC bottleneck nowadays is DRAM. A big on-die/stacked memory at many times faster bandwidth and lower latency could be a game changer.
And anyway, nowadays the usual advice to clients is to max out the RAM on purchase since it's a mess to replace (be it a non-technical user or a datacenter cluster with critical uptime) and the specific configuration of RAM will become pricer per GB in the mid term (because the market moves constantly forward to different versions).
And also note one of the main reasons some algorithms run faster on GPUs is the memory bandwidth bottleneck. If Intel gets rid of the BW problem it's a level game againsta Nvidia.
This move would allow Intel to have some custom performance tricks. For example, memset multiple GB in a fraction of the time.