Seeking the maximal parameter value s.t. two-variable inequality still holds Consider the expression
$$\frac 12\left(\frac{a^2}b+\frac{b^2}a\right)$$
in two variables $\,a,b\,$ residing in $\,\mathbb R^{>0}$.
The arithmetic mean $\,\frac{a+b}2\,$ is a lower bound for it
$\big[$ one has $\,a^2b\le(2a^3+b^3)/3\,$ by AM-GM, do the same with $\,ab^2$, then add and divide by $2ab\,$$\big]$,
but $\,\max\{a,b\}\,$ is not
$\big[$ choose $\,(a,b)=(3,2)\,$ for instance, the expression then evaluates to $\,2\tfrac{11}{12}\,\big]$.
Both arithmetic mean ($x=1$) and the maximum ($x=\infty$) are instances of the Hölder mean
$$\left(\frac{a^x+b^x}2\right)^{\frac 1x}\quad\text{with }\; x\,\in\,\{-\infty\}\cup\mathbb R\cup\{\infty\}$$
aka Power mean, known to be strictly increasing with $\,x\,$ if $\,a\ne b$, and my question is:

What is the maximal value of $\,x\,$ such that
  $$\left(\frac{a^x+b^x}2\right)^{\frac 1x}\;\leq\;\frac 12\left(\frac{a^2}b+\frac{b^2}a\right)$$
  holds for all $\,a,b>0\,$?

Let's pick up the specific "max counter-example" $\,(a,b)=(3,2)\,$.
The following plot screen-shot displays the zero, by courtesy of WolframAlpha:


Returning to the general case we can at least state that $\,x_{max}\geqslant 5\,$:
After taking the fifth power of the corresponding expression and clearing denominators (to arrive at the LHS as of below) I could find a
Certificate of positivity
$$\begin{eqnarray}
\left(a^3 + b^3\right)^5 -16a^5b^5\left(a^5 +b^5\right)\; & =\;\left(a+b\right)\left(a-b\right)^2\big[a^{12} + a^{11}b +2a^{10}b^2 +4a^9b^3 +8a^8b^4 \\
&  +8a^6b^6 +8a^4b^8 +4a^3b^9 + 2a^2b^{10} +ab^{11} +b^{12}\big] \\
& + 3a^3b^3\left(a^2+b^2\right)\left(a+b\right)^3\left(a-b\right)^4
\end{eqnarray}$$
It shows also that the equality case holds iff $\,a=b$.

Let $a=b-1$, so $\frac{1}{2}(\frac{a^2}{b}+\frac{b^2}{a}) =b+\frac{1}{2 (b-1)}+\frac{1}{2 b}-\frac{1}{2}  < b-\frac{1}{3} $  true for $b>6.54138$.
Now  $ \lim \limits_{x \to \infty} (\frac{a^x+b^x}{2})^{\frac{1}{x}} =(\frac{(b-1)^x+b^x}{2})^{\frac{1}{x}} = ((b-1)^x +b^x)^{\frac{1}{x}} *0.5^{1/x} = (b^x(1+(1-1/b)^x))^{\frac{1}{x}}*0.5^{\frac{1}{x}} = (b^x)^{\frac{1}{x}} (1+(1-1/b)^x)^{\frac{1}{x}} *0.5^x = b *(1+(1-\frac{1}{b})^x)^{\frac{1}{x}} *0.5^\frac{1}{x} = b$. assuming $b>2$.
So from $x_0$ every $x \geq x_0$ will have that $(\frac{(b-1)^x+b^x}{2})^{\frac{1}{x}} > b-\frac{1}{3}$.
And its not just $a=b-1$ , any $a$ you choose between $0.9b <a <b$, will have such $x_0$ that $x\geq x_0$ your inequality does not hold.
For instance $b=500$ so $\frac{1}{2}(\frac{a^2}{b}+\frac{b^2}{a}) = 499.502002 <499 \frac{2}{3} = 500-\frac{1}{3}$
Yet for all $x \geq 723 $ the term $(\frac{(b-1)^x+b^x}{2})^{\frac{1}{x}} \geq 499 \frac{2}{3}$. 
The inequality is false when $a <b$ and $a$ "near" $b$ , and $x$ is sufficiently large.
