AMD could have done an MCM like Intel did, but there are several reasons whey they did not:
1. AMD didn't get to 65nm until recently, whereas Intel had a while ago. A 90nm quad-core would have been very impractical and ill-advised but a 65nm unit is doable.
2. AMD would have had to put two chips in a package and only one would have had an IMC if it were to be compatible with current sockets and motherboards. This would require the second die to only get data over NUMA, which would lead to poor performance.
3. AMD could have made an MCM that did not cut performance by putting two dies, each with an IMC and connecting the two by on-chip NUMA, making an Opteron-22xx-on-a-chip setup, so to speak. This would be fast but would require a new socket or at least a new pinout to handle the pins for four channels of RAM.
4. The one IMC, two dies approach could be done easily enough with using two Opteron 22xx/82xx dies and current hardware, but the two IMCs, two dies would require a new socket and the effort to get it all right with the channel. This would result in quite a bit of effort for AMD at a time when they are working on getting their new K10 chips made. This is why the 65nm chips sold to date are straight die shrinks- no extra effort beyond making new masks was needed.
I personally think that a two-IMC, two-die MCM would do well for AMD as long as they have good planning. Yes, it will take a new socket and new motherboards (with 2 RAM banks) but once the MCMs become monolithic dies, the sockets and boards can still be used. The second IMC's pins and RAM banks can just be left unused until future MCMs come along and need them. This kind of a setup can also be used to feed a ton of RAM bandwidth into a monolithic die by having two 128-bit or four 64-bit IMCs instead of one 128-bit or two 64-bit IMCs. That would allow many more cores to be placed in one socket and push the RAM bandwidth wall back a bit. One disadvantage to this setup would be the fact that you'd have to buy 4 RAM modules at a time and that it would not be ideal for servers as there would be a *ton* of RAM slots on the board.