To be fair, I would imagine that Intel would need to come into the market with a top tier card. They are most likely going to want to capture the professional market and to do so they will need to compete with Nvidia high end. So some of these rumors do make sense, as to where or not their are true I couldnt say.
I think you're right. Based on the design goals with larrabee (their previous failed GPU attempt), I think that Intel definitely is looking to compete with Quadro and Tesla more so than Geforce. The workstation and server markets are high margin and something intel has a lot more experience with (and products geared towards) than consumer.
A strategy based on price makes me think that these are going to be in a lot of pre-built machines from the likes of dell and hp. All those machines with cheaper Nvidia and AMD gpu's might end up with Intel gpu's. We know how well Intel can "deal" with companies like Dell and HP, if they come out with a compelling product it makes that job easier.