It's a loss to Intel. He has restored tick-tock, developed FinFets, developed 14nm and the pathway to 5nm, Haswell and the Atom lineup. These are great achievements. These things will pay the ever increasing dividend and propel INTC to $50 in a year or so.
He didn't "restore" tick-tock, as it had never existed before the concept emerged about 6 years ago. He didn't develop FinFET's, that was a multi-decade, multi-disciplinary, multi-person effort that was fundamentally led by Mark Bohr and others in PTD, who are also responsible for the pathway to 14 nm and below. I can date stuff back to '92 that we did that's just emerging. Otellini never was much of a technologist, believe me, but that wasn't a problem because Intel is chock-full of process, design, and packaging technologists. Where PSO brought value was in the business and management side, and in recognizing the value of a robust software operation, something the prior CEO's didn't. Where he lacked as a CEO (and he's not alone in this) is in the visionary space - Jobs is the one everyone thinks of, but there are plenty of others, such as Hewlett, Packard, Grove, etc. Nobody really stepped up to the plate to back him up as a true CTO, with an exciting and involving vision on par with what came from Grove in the past ("Billion connected PC's"). Maybe the next CEO can do that or find someone who can. Best thing is that at least PSO didn't blow $20B with virtually zero return as did his predecessor.
Although he didn't develop these things himself, he enabled the development and should always be remembered for this and other achievements. $50 might seem cheap if the dual core Atom based phones are better than the competition, as I believe they will be. Regardless of the huge profits Intel makes on PC's, the whole "PC is Dead" meme means significant gains in mobile market share are needed going forward as a catalyst.