Bulldozer was worse than Phenom, clock for clock. It's not like AMD could not possibly have regressed in gaming performance.
Like Rroff says, if they keep changing things up and hoping that developers will jump on board the "AMD Way" of doing things, and it doesn't happen, you're just left with a very inefficient, poorly-utilised architecture. If they just concentrated on releasing cards that work for the current paradigms, instead of re-inventing the wheel every time, maybe we wouldn't be in this situation.
Same thing happened with Sony and Cell. Trying to force developers to switch to something all-new just doesn't seem to work out