With the advent of system level integration (SLI) and system-on-chip (SOC), the center of gravity of the computer industry is moving from personal computing into embedded computing. The resulting upheaval is only just beginning to be widely appreciated. The opportunities, needs and constraints of this next generation of computing are somewhat different from those to which we have got accustomed in general- purpose computing. In turn, we believe that this will lead to significantly different computer architectures, at both the system and the processor levels, and a rich diversity of off-the shelf and custom designs. Furthermore, we predict that embedded computing will introduce a new theme into computer architecture: automation of computer architecture. In this report, we elaborate on these claims and provide, as an example, an overview of PICO, the architecture synthesis system that the authors and their colleagues have been developing over the past five years. Notes: A version of this publication will appear in the Proceedings of the 7th International Conference on High Performance Computing (HiPC2000), Bangalore, India, December 2000. 24 Pages