Keith, I agree, Intel has the edge in laptops. The story for AMD this year is servers. However, as you noted, AMD has a compelling offering for desktop replacement, so they will make money on laptops.
The story may change on 90nm, who knows? I use IBM's process experiences as a guide. They just reported yesterday that their 200mm process is yielding quite well (still have issues on 300mm). Power and heat don't seem to be problems with IBM 90nm SOI, their Q1 problem was yields.
Thus the story on thin & light may change by Q4. IBM's 200mm 90nm SOI is, after all, the best approximation of AMD's upcoming process generation and AMD is specifically targetting a low power mobile A64.