No, not at all. Transmeta got a lot closer to nailing a much bigger market. They had actual products for a start. The problem was the underlying architecture was VLIW. Lots of people including Intel and Nvidia have tried to make it work and have been squarely bitten in the arse.
And the failure of Transmeta was a business failure far more than a technical one. Had we not switched from working chip produced on IBM's fab, we would have had chips to give our customers who would have kept giving us money to invest in improved products ...
EDIT: wording & typos
Now Russians (more precisely, Russian Government) are trying to use VLIW. Elbrus CPU seems to be an interesting device, able to emulate x86 at Core Duo speeds.
FYI. МЦСТ, a developer of the E2K CPUs has recently published an "Effective Programming of Elbrus CPUs" guide which describes its ISA. The document is in Russian.
Intel was later more successful with VLIW. They bought Silicon Hive a company in NL that built VLIW for image processing. I had left by then but my understanding is that they were able to build actual products with it.