AnandTech compared the Intel Core architecture it with the AMD "K8" (Athlon 64, Opteron) architecture. Here's an excerpt:

Compared to the excellent AMD K8/Hammer architecture, the Core CPU is simply a wider, more efficient and more out of order CPU. When I suggested to Jack Doweck that the massive execution resources may not be fully used until SMT is applied, he disagreed completely. Memory disambiguation should push the current limits of ILP in integer loads a lot higher, and the massive bandwidth that the L1 and L2 can deliver should help Core to come close to the execution utilization percentages of the current P-M. 33% more execution potential could thus come very close to 33% more performance, clock-for-clock.

So is it game over for AMD? Well, if you read the previous pages, it is pretty clear that there are some obvious improvements that should happen in AMD's next generation. However, there is no reason at all to assume that the current K8 architecture is at the end of its life. One obvious upgrade possibility is to enhance the SSE/SIMD power by increasing the wideness of each unit or by simply implementing more of them in the out of order FP pipeline.

To sustain the extra (SIMD) FP power, AMD should definitely improve the bandwidth of the two caches further. The K7 had a pretty slow L2-cache, and the K8 doubled the amount of bandwidth that the L2 could deliver for example. It's not unreasonable to think a 256-bit wide cache bus could be added to a near-future AMD design.

Finally, there is also a lot of headroom for increasing integer performance. The fact that Loads can hardly be reordered has been a known weak point since the early K7 days. In fact, we know that engineers at AMD were well aware of it then, and it is surprising that AMD didn't really fix this in the K8 architecture. Allowing a much more flexible reordering of Loads - even without memory disambiguation - would give a very healthy boost to IPC (5% and more). It is one of the main reasons why the P-M can beat the Athlon 64 clock-for-clock in certain applications.