SPR might be good relative to ICL, but that means little when their competition will continue to be 1.5x+ ahead for the foreseeable future.Sapphire Rapids might end up being 80-100% faster than the predecessor Icelake-SP. ICL has issues clocking high and it regressed noticeably compared to Cascade Lake. SPR will fix this plus clock higher than Cascade Lake.
20% uarch gains, 40% more cores, 10-15% higher clocks is going to be a substantial gain.
It's interesting how if you look from that perspective, it only takes a year before the competitive landscape changes. If they got this last year Intel would have had a competitive Xeon as the above should result in beating Milan by a bit in quite a few applications.
It'll be quite a contest in consumer desktop. Raptorlake versus Zen 4. 8 additional E cores should result in 20% gain, with faster P cores resulting in an overall 25% gain in MT. Golden Cove is what, ~10% faster than Zen 3 at equal clocks? Zen 4 might be faster per clock by a bit but Intel clocks higher so that cancels out.
V-Cache and HBM is going to be a situational thing. Neither will be widely available nor implemented across the board.
And I think you're either overestimating Raptor Lake, or underestimating Zen 4. The bonus from +8 E cores will be blunted by power limits, and who knows what we'll actually see from what's effectively a Golden Cove refresh.
Meanwhile, Zen 4 will have a very hefty process advantage in addition to a step forward in uarch. I think it'll be a pretty clean sweep in AMD's favor.