That's not how I interpret it at all. At lower resolutions where the CPU matters more than the GPU the 920 yields 96 vs 83.4 FPS. That's a 14% speed advantage Intel. Yes, it could be X3 is not a cpu hog (it does run fine on my E2180) -- that doesn't mean the Phenom "overpowers" the i7 at all.
And meh, when you view the total system cost (including OS, case, PSU, hard drive(s), peripherials, monitor) the price difference is hardly 30%. I just picked up a $199 i7 from Microcenter. Yes, I'll be paying $40 more for a board and $50 more for RAM. But unless you can put together a complete, high performance AMD system on a $300 budget you can hardly say the i7 premium is 30-40%. In absolute dollars it's right down there with a price of a tank of gas.