Take it with a grain of salt but according to FUD Zilla, AMD's processors won't stand a chance against Intel's Nehalem for at least another year:
We've learned that 45nm Deneb and Propus won't solve all of AMD's problems overnight. Deneb is the 45nm version of Barcelona with 6MB cache and despite the fact that this CPU will be significantly faster than Barcelona / Agena cores it won't stand much chance versus Nehalem.
AMD plans to start a manufacturing process transition in the second half of 2008 and once it gets to high K thae the situation starts to look better for the green company.
Nehalem and Yorkfield together with dual-core Penryns are already using high K 45nm and this is the way to go. According to our sources, Nehalem transistors are more efficient than AMD’s, at least at 45nm.