Intel's announcement about their forthcoming CPU architectures hasn't fazed AMD. In fact AMD claims that the integrated memory controller and QPI sound a lot like features AMD CPUs have had for several years now. What's even better is that AMD more or less tipped their hand regarding AMD's future CPUs:
On Dunnington (AMD's Randy) Allen said that AMD’s forthcoming Shanghai will be 45nm. “In 2009 we will have enhancement to hyper threading with HT3, DDR3 technology and eight cores or more. We’ll have six cores by the end of the year and you can expect to see eight cores in the 2009 timeframe,” he said.
If AMD manages to squeeze two Shanghai quad-cores onto a single CPU package, the fight between Nehalem and Shanghai could be very interesting indeed.