Intel's current CPUs (Sandy Bridge) are superior to what AMD has to offer (Bulldozer, Phenom II). Intel has held the performance crown since mid-2006. As Intel releases new CPUs the performance gap with AMD's CPUs continues to widen.
For all intents and purposes, AMD is now basically two generations behind Intel CPUs in terms of performance since Bulldozer's (recently released) CPU performance is more or less the comparable to the Phenom II performance. However, I believe in multi-threaded applications (not games), Bulldozer does have some performance improvements.
Piledriver is AMD's next chance to close the performance gap, but it is not expected to be released until next year. Intel's Ivy Bridge is the successor to the Sandy Bridge series of CPUs and will also be released early next year; perhaps as early as December 2011, but there seems to be some conflicting information.