AMD started with a foot in the grave....
before they seriously applied pressure to Intel circa 2000 with Athlon CPUs. If not for competition from AMD, we would probably be reaching the 1GHz range with x86 just now, and there would be no x64 as we know it today.
I for one have had very little issues with AMD-based systems. They are rock solid and, in the past, had been a serious contender to Intel dominance. Here's to hoping that a slimmer, trimmer, fab-less AMD will return to the ring with an ultra-low power, mobile, CPU/chipset a la Tegra.
For most people today, the allure of personal computers is really due to the Internet; Facebook, twitter, etc all run in a browser, therefore the vast majority of future computing will be on line. Although a driving innovative force, the super power desktops of today will be a niche market for most manufacturers going forward. The all-in-one netbook/smartbook/net-top market is the real battleground and even ARM is going to have a go at it, so don't count AMD out just yet.