Sounds to me like a makeshift-last-effort to temporarily fix the low performance of Intel IGP since they have very very fast cpus.
I'd ask why WRAP as well, but, more like, why Rasterization? Isn't Larrabee about ray tracing and pretty much what they have been babbling about saying it's the future and all.
Rasterization is AMD and Nvidia's game. WARP from Intel would either mean a temporary fix until larrabee came out; or they just play it safe, you know, WARP works on x86, larrabee is x86, do they think rasterization will not go away so they try to go both ways?