If Intel wanted though, they could just do what AMD have and stick two 6 core Xeons on one die. Which would crush AMD's 12 core. It's certainly possible as the Xeon X5670 (980X for Desktop) has a smaller die and lower power consumption than the Opteron 6 core chips on AMD's 12 core die, because of the 32nm process they're manufactured on. A 12 core Xeon would also have 24 threads because of HT.
Hopefully AMD's bulldozer in 2011 will actually compete. But at the same time Intel will also have a new achitecture by then (Sandy Bridge).
You're forgetting that sticking two 6 cores on one die, would DOUBLE the TDP, meaning they would have to drop the speed down to around 2/3rds(because power doesn't go down equally to speed, so you wouldn't need to go half speed to half the power usage) so Intel to stick 12 cores on one die, would have to massively reduce speed, so it wouldn't come close to half the speed.
You're also forgetting AMD managed to get 12 cores onto a single cpu at a TDP thats a ridiculous achievement on a higher process size. Thats incredibly impressive and a huge feat for the process size.
Intel are ahead on 32nm because up till recent AMD have been heavily limited by money for R&D, time and manufacturing constraints so upgrading to a new process takes longer in general. GloFo will pretty much bring it inline with Intel process innovations however it will take some time before they catch up.
if you factor in 32nm and the increased speed they could use with a reduced TDP at the same speed, and factor in the speed reduction o a 12 core xeon, they wouldn't be far off each other.
AS someone said, AMD being in the game AT ALL, on an old process, is basically incredible. Bulldozer will be an immense leap forward next year and the next few years could be ALL AMD. Because of there FPU/GPU producing advantage and specialisation, they can dedicate more of a CPU die to interger and still have unbelievable FPU performance. Bulldozer(probably second incarnation) will be scarily powerful.
80W at 2.2Ghz would be very impressive for a 6 core at 45nm, let alone 12 cores, its mindblowing in terms of manufacturing. THeres a reason why most people think GloFo are the single most advanced manufacturing brand out there. Intel have huge capacity, but I sincerely doubt they could make a 12 core Nehalem on 45nm at 80W