you know, we really have no idea of the speeds that we're gonna see on final chips from either company. Sure, at 2.8GHz, Conroe is faster than a dual core athlon FX at 2.8GHz. However, we've seen previews of 2.8GHz Banias and Yonah cores also, but the fastest production speed we've seen is 2.13GHz. And since the changes in AM2 are so small, I expect them to have pretty good process control and we should see some pretty nice speeds on them fairly quickly.
The fact is, there won't be a blowout; there never is. Even over the last 2 years, when Intel's processors were absolute garbage, they managed to clock them fast enough and price them low enough that they were roughly comparable to A64's overall, although the AMD chips still were a bit faster. AMD was getting chips that could have been binned much higher - 3000+'s were hitting 2.6-2.7GHz - they could have easily released processors in the 2.6-2.8GHz range well before they did, and they could have made sure that their entire product line really dominated Intel's by a huge margin. But there was nothing for them to gain by doing that, so they simply assigned clockspeeds to performance ratings that would allow them to just squeak out a victory without hurting their profit margins by losing out on high end sales. Intel will no doubt do exactly the same thing, and so the only place AMD won't be able to compete is in the absolute high end, $1000 and up CPUs, which in reality is like 100 people with more money than common sense.
All I'm saying is that Conroe will be good, and it's nice for AMD to have some competition again, but don't think for a minute that Intel is suddenly gonna be the "bargain" CPU company. AMD will, like always, be the company with the best values at the majority of price points.