Hmmm... In Phenom there is nothing wrong in architectural level. The bigger problem for AMD has been the production technology. Area where Intel has been far away for a guite long time.
With Intel production technology Phenom would most propable have much better clock speeds. Now with this prosessor we talk about much smaller production node, so it's not easy to tell how good this is gonna be. It can be good, or not so good. I hope that this is good, because it really can be very good home theather chip! Two CPU cores and GPU in one piece. It has potential of being more than sum of it's components.
You allso have to remember that all the components here have the same memory pool, so there is not separate memory for GPU.
Predictions (IMHO method used ;-)
Good parts: faster communication between CPU and GPU. Power reguirements (total). Small size (total)
Bad: GPU use normal DDR memory, is it limiting factor is hard to say. It has not been done before (I supose). Many thing can go wrong. "Only" two CPU cores at this moment (Not big problem, because this is not gonna be highend speed monster? anyway)