This thread is funny. Well, I can't resist but throwing my 2 cents in.
1.) AMD's transition from 90nm to 65nm was not really that smooth. Going from 65nm to 45nm is....*drumroll*...harder! To think they'd do better is really asking for a miracle. And miracles for companies Beleaguered by debt are few and far between.
2.) Nehalem comes out in 2008...most likely middle of 2008. They're basically done - the chip has taped out and booted. It's only a matter of time before the process yields well and all the bugs are worked out. Its performance is basically completely unknown. Why? It's really a brand spanking new architecture. Yes, the Integrated Memory Controller is all snazzy, but aren't we also wondering what other aces Intel has hiding?
3.) Bulldozer will NOT be up against Nehalem. It will be up against Westmere (aka Nehalem C - Nehalem at 32nm). Once again, AMD will find itself one process generation behind - meaning no matter what performance comes in at, Intel's costs will be significantly lower. But then again, Intel has to actually pay for their factories and research, etc.

Oh, and if Bulldozer is delayed (why would that EVER happen...I mean, AMD is the best, right?), it competes against Sandy Bridge. Hmm, so yet another new arch, but at the 32nm level. Ouch.
4.) Bulldozer and Nehalem are new architectures. Ground up. Either one could be awesome or terrible. We have no idea. And we know for a fact (yay K10!) that AMD's marketing fluff is not to be trusted. A lot of Intel's marketing is also suspect at times. So we don't know! :-D
5.) Fusion vs Larrabee will be interesting to say the least. I have no idea what Intel's doing, but I don't know if Larrabee is supposed to be an actual 3rd choice for discrete graphics (aka a potential tie for loser, as Nvidia's pretty way out ahead), or if Larrabee is designed to be a GPU that is one or more cores in the die for Westmere. We saw that the Core 2 transition to 45nm (Penryn) had awesome extra goodies...packaging Larrabee with CPUs would be one heck of a goody for Westmere.
6.) IBM does not have a demonstrated HK/MG product. IBM's announcement reaked of "a smaller (yes, go check it out - IBM has more than quadruple the employees of Intel) company can NOT have better advanced technology than us". I.e., corporate posturing. Ah, politics. If IBM had the tech, AMD could get it easily and cheaply (if not free). IBM can't buy AMD since then the x86 license goes away, so they enjoy propping up the (currently) struggling company to help it survive.
7.) 64-bit hasn't taken off. There's no indication it will take off anytime soon. Tell me a need you have for 64-bit in desktop or mobile that at least 20% of the population would benefit from. Ok, try 10%.
8.) AMD needs money. Their current liabilities (which are mostly debt that they regularly pay interest on) are almost equal to their assets. That's incredibly bad. At the even level, that means that if AMD could sell all assets, they can just barely pay all their debt. That's a potential Chapter 11 situation.
9.) Faster desktop/mobile chips are not where the future money is. Especially in North America or Europe. Either companies will focus more on small cheap parts EVERYWHERE ("why does my freezer have 'Intel Inside' on it?"), or on cheap last year model's parts in poor, untapped countries. I'm running a P4 Prescott...why? Because it does EVERYTHING I need it for from playing great games (Supreme Commander is just fine) to video compression. So unless it'll blow out soon (and really, I've never had a chip that's worn out before becoming completely and utterly obsolete), there's no reason for me to upgrade.
Now I'm not painting a picture of doom and gloom because I hate AMD. Far from it. But they're in a tight spot right now and it looks to just be getting tighter for the future. That's just reality. We can try to prop them up, cheer them on, but none of that's going to ultimately make them deliver on their promises and make new products we actually want to buy. I'm disappointed in the direction they've gone. I don't know if it's just Intel being awesome, or if AMD just really doesn't care anymore, but we have no processor race/competition at this point in time. I'm eager to see what happens in the future, but considering how much more cheaply technology will sell for, and yet how much more complex it's becoming to produce, it's going to become more like a commodity and less like an actual race between two equal partners.
End of wall of text. Have a great day!