Some hints why it won't be a P4 flop-like:
It's a K7 with so much improvements. Where can it be bad? Nowhere. K7 is an awesome piece of performance, now K8 upgrades it drastically.
No huge pipeline also contributes to a good IPC, even if it has 2 more stages.
More cache, SSE 2, strong FPU makes up for what P4s kept doing, by using the SSE 2 to hide their low FPUs, while Hammer has plenty, AND SSE 2 as seperate, so the performance improves better.
0.13m+SOI+Heat Spreaders contribute to even higher clockspeeds without any CPU problems, HS contributes also to prevent CPU meltdowns, I think.
On-die mem controller makes up for almost 20% higher performance, that's something which they cannot just cancel like on P4's stripped components.
There are many more improvements in Hammer, which is far from what Willamette had done. Intel had hyped it having so much, but it turned out so huge, they stripped it to hell. K8 is already demonstrated, it is smaller than a 0.18m AthlonXP, possibly smaller than Northwoods too, I forget. This means it won't have huge costs but with SOI it might level back up, AND it is packed with features. I doubt AMD would trash their current steppings, and remake the core huge, and trash all the new features!
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Luke, I am your father...but due to a bacon-slicing accident, your mother... :lol: