Constantine, I think we'd be seeing Hammer chips already if it weren't for SOI. I think AMD's manufacturing transition to this technology has cost them months of delay, slow clock frequencies, and poor yields. It's a laundry list of problems that can only be solved one at a time.
Re:"how do you account for all the time it has taken to bring this new core to fruition?"
The answer is easy. Hammer is a poor design and AMD's SOI process doesn't work. The two factors combine to produce Hammer slow clock speed and poor performance, so poor that the Hammer can not be released.