The same could easily have been said of Intel a decade ago.
The issue is that completely new designs do not come about every cycle, when a new design is produced it is then refined and improved on for the next few cycles, Intel started out this gen with a good design whereas AMD started with an unexpectedly poor one, this means that AMD have been stuck attempting to "polish a turd" and as a result Intel have basically been able to continue the race at walking speed and maintain their lead.
Its the exact same story as Pentium 4 vs Athlon XP, Intels new "netburst" architecture was supposed to be the **** (it was intended to scale to 5GHz) however unforeseen issues (Thermal barrier) prevented it and they had to resort to increasing the FSB/Cache, introducing HT, and whatever trick they could pull off to try and compete. By the time it got to the Pentium D vs Athlon 64 stage Intel were out of tricks and pretty much relying on their reputation to try and coast to the release of Core 2 Duo (ironically based on a Pentium III style design).
Its to late now for AMD, they have been effectively selling Bulldozer / Piledriver at a loss vs R&D spend.
Sure for the time being they may tweak what they have here and there, just to keep it going as long as they can without actually spending any more money on it.
There comes a time when you have to say enough is enough and pull out.
That is exactly what they did, all R&D had been diverted from CPU's to GPU's and APU's a while ago, Roy Reed effectively said thats exactly what they did because there is nothing left for them in CPU's.
Everything has gone on low power mobile chips like Jaguar and embedded SoC like the PS4 and xBox 720.
Which is a very smart move given Intel's dominance in this space and Nvidia looking like they are heading the same way.
The irony is that will probably just serve to accelerate the death of this space.
When it happens fanboys will gloat, for about 5 minutes, and then cry.
Because Intel's, and maybe Nvidia's:- now owned market will shrink and shrink and.... as its doing that they need to keep revenue up, prices will rise, R&D will stop, which will in turn accelerate that shrinking even more.... and so it goes on, cause and effect like some merry go round, for a while.
Until the moment comes for them also, where it is no longer sustainable. They will also pull out and go do something else.