Lets think of it this way. The p4, for a long time, only had one advantage over AMD processors, more ghz, and thats what people bought.
Now, post-conroe introduction, lets think about it, assuming conroe performs as well as people think it will, and it dominates AMD on a price/performance level, what does AMD have? The ghz lead.
So 2 conclusions
1) Even without top performance in benchmarks, p4s still sold pretty well, thus i doubt amds in any actual trouble.