Single threaded performance might not be as bad as you think. If you consider the fact that with all cores running, Bulldozer is still able to turbo up to 500 MHz, it would suggest that if only a single core is being used, the turbo could be much higher, possibly over 1000 MHz. Additionally, that one core will have the entirety of the L1I and L2 caches to itself.
It may not be competitive with Intel from an IPC perspective, but there are other ways to improve performance that they can take advantage of in order to come out even or pull ahead.