A company called Intrinsity is making CPUs using Fast 14. It is a technology that allows chips to be developed using the Dynamic Logic methodology. Using this methodology can result in higher performing CPUs but requires more Highly Skilled staff and more time, which essentially results in Higher costs.
Fast 14 allows the chips to be developed quicker, but the need for the skilled staff remains. The other Chip manufacturers all use the Static Logic methodology.
Intrinsity claims they are currently testing 2.2GHz CPUs that can be manufactured in a standard fabrication plant with standard production processes, rather than having to develop a new plant or re-equip the current plants with cutting edge chip production technology to use the latest (and greatest?) production processes.
So the results would be high clock speed (to scare intel), high performance (to scare AMD) CPUs at low costs (to scare both).
I dont think that amd or intel have anything to worry about. Anouncing a 2.2ghz test chip right now is nothing special since intel probably has working samples of a 2.2ghz p4 already and amd has working 1.6 or 1.7ghz samples which perform as fast as intels.
"Friends don't let friends buy Pentiums"