^ Give them 14nm and that would occur,
they way I see it for each generation of chips, AMD will still kick Intel's ass in Graphics.
Judging from AMD's llano roadmap, we will be seeing HD5550s and HD5570s with Phenom II on die by H2 this year
There's an "article" (and I use the word loosely :P) over on Semiaccurate about how Intel has a big surprise for Ivy Bridge graphics. According to Charlie, Intel will be using stacked graphics memory directly on the die - won't be fast memory as it will have to be low-power obviously, but will have a huge pipe to the GPU. So Charlie thinks the IB GPU will be very competitive with midrange discrete GPUs..
Personally I don't put much stock in either Charlie or Fuad's articles, which seem mainly about getting website hits instead of accuracy..