The challenge for AMD will be threefold.
(1) Compete with performance
(2) Market successfully
(3) Longer to market vs. Intel
Intel already hos VERY solid marketing, a product that has been in the maket for 6 months, and very good performance already. AMD is late to the party and will have to play catch-up, regardless of how well it performs. This was a challenge with PhII as well. It was a solid product, but was too little too late, in many ways.
Naw, the problem with PhII wasn't that it was too little too late, it just never had any extra value proposition to consumers. There hasn't been anything new on the market for years, just the same thing faster and that's getting old real fast (as witnessed by the emergence of tablets, which consumers seem to enjoy while being an order of magnitude slower). So that's not the purpose of Fusion, it's about tapping into the changing paradigm. Absolute performance is Bulldozer's category, and usability and hitting the trends is where Fusion shines.
So,
1) not necessary, usability is far more important than performance in benchmarks.
2) they've been doing a good job at marketing despite intel's attempt to divert the dialogue.
3) there will always be something that is coming next and later to market. ie, ivy bridge with DX11 and OpenCL on GPU will be at least 6 months behind Fusion. Shortly after, as the 32nm process will be fully ramped with a planned %100 production, Trinity should hit the market.
Again, absolute performance isn't what the target market for Fusion is looking for, it's usability and enjoyment. I don't see %90 of the market enjoying running super pi %10 faster than whatever else is on the shelf. There is no appeal in that to the bulk of the market.