The cost is flexibility and I think for now they don't want to move to fixed RAM configurations. The X3D approach from AMD gets a good bunch of the benefits by just putting lots of cache on board.
Apple got a lot of performance out of not a lot of watts.
One other possibility on power saving is the way Apple ramps the clockspeed. Its quite slow to increase from its 1Ghz idle to 3.2Ghz, about 100ms and it doesn't even start for 40ms. With tiny little bursts of activity like web browsing and such this slow transition likely saves a lot of power at a cost of absolute responsiveness.