Hmmm. I don't remember AMD promising that its lower-clocked engineering samples would be the fastest processors on the planet. In fact, I don't remember AMD making any promises about the fastest processor on the planet.
However, if it does turn out that 256K cache Hammers perform about 20% or so better than like-clocked Athlons, then it could be bad news for Intel.
I also seem to remember that AMD was going to release the hammer at 2.0GHz something like a year ago... I find it somewhat telling that the hammer is still slow and in "engineering sample" mode at this point...