Some of the ultrabooks aren't far from the specs of a modern flagship smartphone. Also, I believe that you are dismissing what seems to be the predominant smartphone customer - one who uses the device to consume entertainment.

As for the 'there is no money in that' argument I believe that there is plenty of money in various iDOCKS, accessories, doodads and similar.

Because of that, I don't buy this particular theory - the first of the big players that provides a workable and friction free product will surely have it worth their while.