If you look at there mobile APU's you can see where they are moving forward, they have managed double the performance per watt over all on the previous generation.
That's no small feat and much more than Intel managed even with a DIE shrink.
The result is while AMD are still behind in CPU performance the gap has shrunk significantly and the IGP performance has taken another chunk of a leap ahead.
Comparing Intel's 35w to AMD's 35w is a much closer run thing now despite 22nm vs 32nm.
It looks like i will now have an upgrade path via AMD once there Desktop PB parts are available, personally i think the performance per watt will be much better than what i have now, somewhere near Ivy Bridge (per core)
Also, i happen to think nVidia's ability to keep AMD honest and on there toes in the GPU department is a very good thing, AMD are more than capable in picking up nVidia's challenges, for as long as they have that challenge their Radeon cores will keep getting more efficient, which will keep translating into better and better APU's, that in turn will keep Intel finding it increasingly difficult to keep up.