AMD are way behind Intel with their CPUs mainly because:
*No HiK/MG (which can help lower CPU TDP and/or increase frequency)
*No technology comparable to HT (running more threads per core)
*No Turbo Boost (run less cores at higher clocks)
*Low Integer performance (compared to Intel)
I've found from the info circulating on the net that Bulldozer should solve most of those problems, and at least catch up with Intel Westmere. From what we know GlobalFroundries 32nm process will support HiK/MG, which means Bulldozer will be a HiK/MG CPU. Having a second Integer Cluster on each core means Bulldozer will support CMT/SMT, and I believe offer higher CMT/SMT gains per core as compared to i7 class processors (Nehalem/Wesmere). It's also very likely AMD Bulldozer will have a technology similar to Turbo Boost. The only thing I'm not sure about is the Integer performance per Bulldozer core. This is an area where K10.5 is way behind i7, and hopefully AMD worked on that for Bulldozer. Also we have to remember that the FPU performance in K10/K10.5 is very similar to the one in Core2/i5/i7, so AMD is behind right now not because of a weak FPU, but because of the lack other technologies mentioned above.