Now that the disclaimer is out of the way, the various foundries released some interesting data at
IEDM 2008. GF, AMD's foundry, is part of the Common Platform Alliance that does process research, so the IBM SOI numbers are likely representative of the process AMD will use. Llano and BD will be made on the "IBM 32nm SOI", and Phenom 2 was made on the "IBM 45nm SOI" that is found from lower left. The second "IBM 45nm SOI" with much better transistor performance is a research HKMG process that afaik has never been used in production.
The first chart is about transistor performance, both values count (I don't know at what weighs, NFET is probably more important) and upper right is better. The first thing to notice is that as far as transistor performance is concerned, AMD has been operating at a huge disadvantage for years. IBM 45nm is closer in performance to Intel 65nm than 45nm, and Intel has also went for the smaller process faster. This is about to change -- if only for the time until Ivy Bridge and 22nm is out, for the first time in years AMD will be producing processors on a process that is fundamentally competitive with Intel.
This repeats with density numbers (remember that density also affects speed because signals will have less distance to travel). IBM 45nm SOI is not really all that competitive with Intel 45nm, but 32nm SOI is actually denser than Intel 32nm for memory, while still losing out in logic density.
This is a *very* narrow view of only a few of the parameters affecting the speed of a process, leaving out many important factors (for example, how fast are the upper metal layers?), but based on what I see, I don't think the "bigger advance than Penryn" to be at all questionable. If anything, it's conservative -- on transistor speed for AMD moving from 45nm to 32nm is like Intel moving from 65nm to 32nm.