I am more hopeful about Bulldozer. Wiki claims its all new from the ground up.
But look, I'm not being a fanboy here. Intel tried die shrinks, cache increases, higher clock speeds, everything to boost P4. it never worked because ti was a slow architecture. Phenom has the same problem, i don't care how much cache you add, or how high you clock it, its still going to be slow. that much is evident. if Intel couldn't throw money at netburst and make it a champ then what makes you think AMD can?
You may not need a nehalem beating chip from AMD to buy it, but most people do, and AMD does desperately if they want to make money. Deneb wont be cheap, so compared to nehalem and even current Core2 chips the price/performance is shot.
K8/K10 has met the end of its life, lets be honest with our selves. AMD gambled on Intel trying to release Tejas
but they went to Core 2. AMD should not have rested on their laurels and should have kept going ahead with newer designs. Phenom is a flop. It is cold bugged and its slower than Core2 across the board. Corei7 is twice as fast as the best Agena, and Deneb has been shown to marginally faster clock for clock than Agena. AMD should know by now, after what Intel did, that you cannot overclock your way out of a hole.