I am actually pretty enthusiastic about AMD's prospects. I recently put together a Trinity A8 system, which is quite snappy and games surprisingly well for a $350 PC... for the vast majority of customers and entry level gamers an A8 or A10 is all they need at the moment. Even if their desktop processors aren't so competitive with intel, their APU's are, in both the mobile and desktop space.
Throw in the low power Kabini and Temash SoC's that AMD is developing, which give them the possibility of piggybacking on the rise in popularity of tablets (either android or windows 8), and the impending release of the HD 8000 series, and I think AMD has the potential to do very well in the next couple years.