Necroposting a bit, but hey.
Basically, the smartphone Atoms (Z34xx/Z35xx for 22 nm, the x3 line for 28 nm budget chips) are x86 CPUs, but neither of them are PC-compatible in any way. They do have VT-x, so you can run Windows in a VM (because the VM emulates all of the I/O), but they can't run anything PC-compatible on the metal, because they have none of the PC legacy I/O, it's all modern smartphone I/O - this includes desktop Windows. You'd need a different HAL to do that, and that's not happening.
The tablet Atoms (Z36xx/Z37xx for 22 nm, the x5 and x7 lines for 14 nm) are PC compatible at the hardware level, though - they still have an internal ISA bus, they have PCI/PCIe internally (although it's not bonded out to the package, so you can't plug a PCIe card into a system using these chips), etc., etc. (IIRC, the 14 nm ones don't have A20 gate emulation, though, Intel's finally dropping that, but everything else is both XT and AT compatible at the hardware level.) However, as mentioned before, they don't usually have a CSM, meaning that only OSes that work with UEFI will boot - no DOS for you. There's nothing technically preventing this, though, and a company could absolutely release a firmware that offers legacy boot for these chips.
Also, IIRC, the next generation of Atoms (still 14 nm, but with a new CPU design) are going to unify the smartphone and tablet parts, so the new smartphone chips will regain XT and AT compatibility at the hardware level.