The AMD solution has lower power while receiving and transmitting, and while in sleep mode, but the Intel solution has lower idle power. It depends on how often the networking is in idle mode, but I can see AMD's solution as being more competitive from a power standpoint.
Both use the same voltage, support the same standards, the same modulation, etc. Intel's has slightly better operating temperatures. Overall, I'd say AMD's is slightly more competitive, but it wouldn't be enough for me to abandon the Centrino solution for something AMD based. You might save half a watt at most, but I think the Pentium M processor and 855 chipset more than compensate for that.