the way intel implements its SMT is different than the way AMD put it into Bulldozer.
for intel the all of the threads are forced through a single pipeline which nowadays doesn't really give you much performance boost. 1 virtual core in intel processors does not equal one real core.
in bulldozer there is 2 separate pipelines for threads and instead they share the floating point unit. its a more open approach that should give more performance to the second "virtual core" made by multi-threading. I believe amd calls it CMT (cluster multi threading). AMD claims the the "virtual" core can have up to 80% performance as the real one, with only a 5% more die space.
So yea Bulldozer will do what its name says. There is also a rumor that AMD is bringing back the FX name for the Bulldozer so you know it will be very competitive if not better.