A lot of people have got the situation terribly wrong.
This is a fab that will be setup by IBM and ST and they don't intend to give away chips for free. The ONLY reduction in prices would be the possible removal of taxes (hoping that the customs is not repaved with some cousin of VAT that makes you shell out the same amount)
Secondly:- the chips
*WILL* meet standards.
No company can make substandard chips and hope to survive. As a matter of fact there are NO standards in chips like you speak of. The customer sets the standard.
They WILL NOT be named after politicians or Gandhi or the Gods.
Man, the amount of misinformation flowing in this thread is too damn high.