That Imagination decided to cut the MIPS sales team is not surprising. Marketing and Sales are usually the first to be let go from the acquired company.
The challenge that Imagination will face is that eventhough they may be right in predicting that in due time most (still not all) applications will be not be platform specific, there will not be too many takers. Who would want to risk their android phones from not running a few apps. I cannot imagine (pun un-intended) the magic-code being as optimal as the ARM code.
The other challenge will be the variety of battle-hardended silicon available from the likes of qualcomm, samsung, apple, nVidia with ARM. Can imagination really imagine (pun intended) developing silicon that can out-perform and compete with those companies. All this while ARM continues to deliver on its roadmap. I feel nostalgic for MiPs but I still don't see them winning in this space.