Unless some compelling reasons comes along where the world goes back on the tablet/ smartphone trends, PC market is not picking up. Gamers and content developers who will use a higher systems/workstations are in the minority when compared to the vast millions of users who just don't need a computer for anything other than watching media, play flash or HTML 5 games and do social networking on the go.
For this reason, you can be very sure AMD will not chase Intel on performance cores. If it happens by chance that Intel doesnt advance and AMD catches up? good for AMD then, but they are not going to actively chase Intel on pure performance. There are so many other marketing models out there proving you dont even need the fastest thing out there to make a ton load of money. AMD is changing to a company that works on design wins this ensure sales especially when the marketing and other business headaces are not AMD's problems anymore but the customer's
Take this example for instance: How people do you approximate actually cares or knows they have a Qualcomm Krait in their phones/tablets? Many wont even know what Qualcomm is. But their chips are everywhere and they are making the big bucks. Thats what AMD is focusing on now.
This doesn't mean the Client is ignored. There are high performance cores in line and on track. They will come out on time. But just don't expect K7/K8 days to be repeated anytime soon unless Intel drops the ball because there are engineering requirements and efforts to pursue such a performance deficits. This means larger teams and even multiple parallel teams working on various designs, a luxury Intel can afford but even they are dropping this model and have started this process since last year. AMD simply doesn't have that resource strength and frankly there is no need for that now given the market trends.
In this world of lower power maximal compute, trends are changing. You will even see Intel going this route where they drop the aggressive ramp of performance to go for more low power maximal performance possible.