AMD getting mounted by Intel is nothing new, but we should keep it in perspective. Bulldozer is inferior in pure performance, but should do well in performance per die size in highly threaded applications. It's better than where they are now. Also, don't underestimate IBM and their own research. They alone make faster microprocessors than Intel. AMD will have access to this technology.
So, while there's no doubt this is an important announcement, it's not the end of the world for AMD. We don't know how easy this will be to make, we don't know what IBM has up its sleave, and we already are in a situation where AMD can't compete in performance, but still is surviving.