Bozo,
Conroe takes many design lessons from the Pentium M, but it is an entirely different microarchitecture. It has a different pipeline, frontend, execution resources, and implements all sorts of new tricks that haven't shown up in any Pentium M derivative.
In general,
I think it is still too early to make any presumptions regarding AMD's competitiveness. While the system configurations seem pretty fair, I think it's important to remember that Intel configured those systems and that the entire bakeoff was a total PR stunt. There was not an ounce of independence or fair-mindedness in the people behind it. Setting aside hardware configuration (which does seem comparable) there are probably a hundred things Intel could have done to distort the results. Intel has used specially patched/tuned versions of games to show off processor performance before. I think it's always important to be skeptical of self-interested benchmarks. Remember, Intel has been almost as bad as Apple over the last couple years.
While I consider it likely, now, that Conroe is going to be clock for clock faster than the A64, I am 99% positive that when the independent benchmarks come out they'll tell a much less dramatic story. I wouldn't be surprised if a full 50% of the tested performance advantage "magically" disappears in independent tests. Of course, I could be wrong.
Regardless, I doubt AMD is in much trouble.
1. Their architecture is still dramatically superior in multi-socket server systems, which will give them solid revenue for at least another 2 years (Intel's own roadmaps declare that they are that far behind on interconnects). There's plenty of money for AMD here.
2. The cost of FB-DIMMs is apparently going to be quite high. (This applies only to Intel's server efforts of course.)
2. AMD's processor design teams have had 3 years to focus nearly their entire efforts and manpower patiently developing a succesor to the K8. I imagine that it only took a small fraction of AMD's design team to implement the improvements to the K8 core that have been done since it debuted. I don't think the rest have been sitting around gloating. In fact, I consider it very possible that AMD's next microarchitecture will be every bit as impressive as Intel's forthcoming one --if not more so considering all the free time Intel has given them. Of course, it's a couple years off, so this more of a longterm, positive forecast.
3. Intel chipsets have been ridiculously overclocker unfriendly lately. For many people with the know-how, AMD processors are going to massacre Conroe in terms of price/performance for long into the future unless the 975 is more like the 865 than the last couple years of chipsets would suggest --I would be shocked if this were the case. Present-day AMD CPUs and mobos simply overclock ridiculously far, ridiculously easily. Of course, this only matters to a small segment of the population, but it matters to me, and AMD doesn't have enough capacity to supply the entire population anyway.