I think NTMBK and AtenRa are correct in that switching back to an improved K10 core in 2009 wouldn't have given AMD the time completely overhaul the architecture in order to create a new base to start on. So by 2009, sadly, neither decision was optimal. The quick port of the BD uArch to 32nm resulted in disappointment (in part because GF's 32nm process wasn't mature enough).
Beating AMD into the ground over a decision made almost a decade ago, doesn't serve much purpose, except as a tech business case study for MBA's.
In 2014 w/SR AMD will likely have the IPC that AMD needed in 2011, that's how far behind they are. To bad AMD was unable to fund a HP node for Kaveri, but that's the way capitalism works - it isn't kind to a series of poor decisions. There are good reasons why Ruiz and Dirk are gone - and why the company is still saddled with cleaning up, as best they can, after those two nearly gutted the company (along with an all to complicit BOD).
At this point, the BD uArch is clearly moving towards beefier CPUs (w/EX) and greater effective decode/issue width (w/SR). That is, AMD's signature x86 core is becoming much more like standard multi-core design, and less like the initial CMT design that was BD.
What remains, are AMD's precarious financial position and their on-going problems with their main Fab partner, Global Foundries. One can only hope that Samsung's team can help GF improve their 28nm node and accelerate the ramp up fast on 20nm.