Pure power is not AMD's market. Competing with Intel monster hexacores and octocores would be a money drain and risky for them. As long as they are in the race with manufacturing tech, they'll be all right, as they can compete on other fronts (die size is a big deal for Bulldozer) and be competitive.
AMD is focusing more on value and consumer markets, especially in the laptop department. Besides, these are mobile chips, therefore a well integrated graphics and CPU solution is desirable (can't upgrade either). And the focus there is more on power consumption and heat than pure speed anyway. That's what laptop users want in a large majority. Decent battery life, good power, good multitasking, and good graphics (not just games, but accelerated graphics such as HTML 5 and HD content). If I have my facts right, A HD5870 mobile is about the power of a HD5770 desktop, so really there is no competition there. No point making a 200W graphics card on a laptop.
The Sandy mobile have much better IGPs than the older generation as well (although not as good as AMD, if the video is to be believed).
We'll have to wait for the desktop components to surface to judge AMD on pure performance, but I have a feeling they won't be arm wrestling Intel on that front. But if they can be competitive without trying too hard... I'd take that.
...I thought this was discussed already.