I had no idea AMD was so far behind in terms of IPC
Actually, let's do the math so we can be sure even I said that off the top of my head.
We need to have a pure CPU benchmark, so it'll be synthetic. There are too many variables otherwise.
Here's one graph:
Charts, benchmarks Desktop CPU Charts 2010, ALU Performance: SiSoftware Sandra 2010 Pro (ALU)
The i5/2500 is 85.30/3.3GHz and the x4/970 is 54.10/3.5GHz.
Let's normalise to 3GHz, the figures are 77.5/46.3.
That's 59% IPC, close enough to what I estimated it was. Lucky me
Assuming they get a 10% improvement in IPC, you're looking at a final figure of close to 70% of Intel's IPC. I'm not sure BD will make more headway than that.
Edit: Of course there's more to life than IPC. TCO, power efficiency and core count all add up rapidly. So it's not really the end of the road for AMD, it's not going to be a quantum jump as far as anyone can see.
We could all be proven wrong (one way or the other) and now only time will tell. If they hit just below the level of Intel's IPC and have more cores to bridge the gap, manage smart core switching and retain compatibility with older motherboards to some extent, you could actually end up with a decent seller.