Modern computers are extremely fast, and can still do tremendous amounts of computations despite the limitations of the Von Neumann architecture. But make no mistake, the Von Neumann bottleneck is a serious and fundamental problem. The CPU has to spend a lot of effort shuttling data back and forth. Worse yet, it has to spend a lot of time waiting on data (swapping to/from disk, for example). Even when you're CPU is at 100% utilization the vast majority of cycles are spent doing nothing but waiting. That has huge ramifications, affecting everything from performance to power efficiency, etc.

Consider a typical snippet of CPU's life. The next instruction is read from memory, it tells the CPU to move a value from memory into a register. The next instruction after that is read from memory, it tells the CPU to move a different value from memory into a different register. The next instruction is read from memory, it tells the CPU to do some operation with the values in those two registers. The next instruction is read from memory, it tells the CPU to test whether the result from the previous instruction is 0, if it was then jump to a specific address. Since it was the CPU fetches the next instruction from that location in memory. And so on. It only takes following this process for a little while to see how tedious it is. We've managed to significantly improve it by adding fast local memory caches to the CPU but even if the memory operated at the speed of the CPU it would still be inefficient.

Now, imagine if instead of megabytes of low latency cache you have gigabytes. Now, imagine if instead of having a low latency cache at all the processor is directly wired to the RAM as if the RAM was just a large collection of registers. Instead of "fetch me X, fetch me Y, add X + Y, put the result back to Z" all of that could be a single CPU instruction. Moreover, it would be far, far rarer for the CPU to be waiting for data merely due to local latency. This would improve the effective computing power and power efficiency of CPUs by several orders of magnitude. The impact it would have on computing is truly mind boggling.

Let me express it in a different way. Imagine if your cell phone had the same raw computing power as a top of the line GPU does today, with the same battery life and with the same transistor count and clock speed on the CPU, just with a different architecture and different RAM.