I think Intel can beat AMD if they actually gave a sh!t. It's just because of marketting. I bet if they continued to work on performance rather than on the market they'd win. The netburst architecture sucks and Intel knows the only reason it was made was for it to be in higher numbers, so ppl would think it's better and buy it. Unfortunatley the netburst architecture is extremely ineffecient compared to the P6 architecture which was why you saw the pntium 3 1 ghrz being better than the pentium 4 1.4 ghrz and etc. Btw I am going to buy a AMD athlon 64 3200+ so i'm not a fan boy =).
Edit: They can't go back either, cause it would seem weird that a Pentium 5 would be 2 ghrz but better than the pentium 4, introducing the Pentium M was a great idea and I think this is Intel's way out and into the performance market.