IIRC Llano is a low-powered Stars-core (Phenom II) derivative architecture fused to a GPU. It is not based on Bobcat or Bulldozer.
Does AMD plan to fit Llano between Bobcat & Bulldozer, then? That would make sense: Bobcat for ULV mobile devices, netbooks, & low-end notebooks, with Llano for mid-range & high-end notebooks along with low-end to mainstream desktops, & Bulldozer aimed at the high-end desktop & server markets?
I expect Llano to put up weaker performance numbers than Bobcat & Bulldozer simply because it seems like a transitional design (derivative architecture with a GPU slapped on die), whereas Bobcat & Bulldozer were new, integrated designs from the start. Does this make sense?
All I know is it's high time I replaced my nearly 2-year old Atom netbook & there's not a chance in hell I'll consider an Atom-based solution given what I've seen from AMD's fusion chips. I am extremely excited by their lineup. I think AMD has a very real chance of stealing the netbook market from Intel, finally being able to offer real competition in the notebook market, & making very impressive inroads against Intel in the budget/mainstream desktop markets. That is, if Intel doesn't pay OEMs to not use AMD's new parts, ha.