For the most part, I think Intel does. It did take AMD to show Intel that clock speed doesn't mean faster performance.
I believe that war was won by AMD with much "slower clocked" CPUs back in the Athlon XP days.
Intel took what they knew about clock speeds and took what AMD knew about L1, L2 and L3 cache speeds (shorter pipes and what not) and put them together. Tested it with the Laptop CPUs (dothans, ect..) and now Intel is really on top.
AMD is not out the race though, AMD had worse odds back in the mid-late 90s when no one even knew who AMD was.