Personally I'm skeptical.
Some of the older AMD chipsets were not bad, although they never kept them updated, and left things too long before releasing new ones.
ATi's chipsets all seem to be 'value' style ones aimed at the lower end of the market.
'AMD-Ti' have said they expect Intel to eventually stop buying ATi's chipsets. In the same way I'd expect not to see a sequel to the nForce 500 series for AMD CPUs now. nVidia undeniably make the best and most popular chipsets for AMD cpus right now. ATi have a *hell* of a lot of work to do on their chipsets to catch up.
It wouldnt surpise me to see nVidia cosying up to Intel slightly, maybe licensing them SLi for integration into Intel chipsets, while it seems unlikely to me that ATi will now extend their current crossfire license with Intel.
I think the combination of an intel 985 chipset with SLi support, an nForce 6 intel edition with no corresponding AMD solution, and Core 2 Duo, will be a winning combination for Intel/nVidia, and I worry about what this will do to AMD in the long term.
This consolidation in the end will result in less choice for the user imho, as eventually I believe that GPU choice will be inexorably linked with CPU choice.
Dont get me wrong, If the AMD-ATi solution happens to be really cool I'll be the first to jump ship, just as I jumped from AMD to an Intel Pentium D 805 recently (with a view to changing to Core 2 Duo sometime soon, now that I have a mobo, ram etc that supports it), and how I changed to an ATi card after the Geforce FX sham. Although the 7900 GT is now tempting me back