"I don't think they have depth on their engineering players bench to take on this huge challenge.
AMD's public disclosure yesterday of their Server roadmap is an admission of this.
They seem to have the ability to take that old K7 core and "step and repeat it" across a layout, hook them up to each other and external L3 cache - to yield ever larger multicore K7 die.
Period.
As you say, to get a product to market, in a reasonable time frame, that is all that AMD seems capable of these days.
AMD seems to have abandoned any hope of adding Simultaneous Multithreading to their core architecture and rather than have a five year effort with a group of architects and designers dedicated to a "clean sheet" redesign, AMD seems to be cornered into a an ALL HANDS ON DECK situation where everybody is focused on getting a 'K7 times n' product to market as quickly as possible to prevent AMD from becoming technologically irrelevant, let alone technological leadership.
I guess that happens when there are no more ideas to steal from the now long defunct Digital Equipment Corporation.
AMD also seems to have reached the conclusion that lawyers are easier to hire than experienced microprocessor professionals.