Much as i like the concept of a platform for wearable computing, the significant power consumption on the wireless side is still a challenge. Bio-inspired, analogue circuit designs are probably the only way for Healthcare applications. Similarly, other applications should do lot more power efficient designs that are specific to that application. A platform approach would reach its limitation soon....not difficult for the ARMs of the world to catch up...
What we don't know is how much Ineda is paying to use MIPS, or is being paid to use MIPS?
If Imagination is willing to cut a great deal to get you to use MIPS and be a poster boy/girl for ultra low power maybe it is the way to go. Especially if you think the real power saving is going to come in the rest of the circuit and how you write the sofware.
ARM CPUs would have been a better choice, considering the eco system.
"What this product may address is the desirabiity to have the wearable satellite equipment as power-efficient as possible so that charging it can be kept to a minimum or may even allow energy harvesting from movement."
Even then you might need to connect the device to the cloud to accumulate the data.. ie still needs a bluetooth/wifi connection?