It makes perfect financial sense. Fab plants need to be kept busy, like any factory. They cost almost the same lying idle as they do in full production. If AMD has the capacity to make, say, 1 million quad-core dies each month but only has orders for 500,000 of them what do they do? They can either limit production to 500,000 dies or start offering chips with cores shut off at cheaper prices in the hope of selling the excess production to people who are on a budget and won't pay £120 for a quad but will pay £80 for a tri. It doesn't take many orders before that approach generates more money than limiting production.
Selling 'de-specced' products is standard procedure in the computer industry and has been for decades.
AMD and Intel both do it. ATI and NVidia do it. Hard drive manufacturers do it (ie, these days platter density means many '500GB' drives are really 640MB ones with different firmware).