Even like that, the Intel processors would still perform better due to better cache handling and faster instruction processing. But AMD would be really close, the end results would benefit the Intel equivalent like 60% of the time, instead of (approximately) 85% as things are now. AMD processors would be competitive in a more serious manner than how the AMD fans currently define.
Of course in that case, prices and available processor models would be shuffled again. We could probably even see some intel quad cores with hyper threading near the 200$ mark.
Well, too bad this is not the case.