X-bit Labs reports an ex-AMD engineer spoke out about some of the reasons why Bulldozer disappoints, you can read it over here.
[According to] Cliff A. Maier, an AMD engineer who left the company several years ago, the chip designer decided to abandon practice of hand-crafting various performance-critical parts of its chips and rely completely on automatic tools. While usage of tools that automatically implement certain technologies into silicon speeds up the design process, they cannot ensure maximum performance and efficiency.
"The management decided there should be such cross-engineering [between AMD and ATI teams within the company] ,which meant we had to stop hand-crafting our CPU designs and switch to an SoC design style. This results in giving up a lot of performance, chip area, and efficiency. The reason DEC Alphas were always much faster than anything else is they designed each transistor by hand. Intel and AMD had always done so at least for the critical parts of the chip. That changed before I left - they started to rely on synthesis tools, automatic place and route tools, etc.," said Mr. Maier in a forum post noticed by Insideris.com web-site.