It is the K8 Operton all over again. AMD has very compelling options in 1P/2P market if your organization is scheduled for an upgrade/overhaul. Intel doesn't have a viable competitor at current price/performance ranges and will likely not have one until 2021-2022. The only way for Intel to fight it off in the near-future is through an unenviable(for shareholders) price war.
I sure hope this ends better for AMD than the Opteron experience.
This time around, AMD has two big advantages that they previously lacked:
1. they are no longer constrained to use their own (or GloFo's) fabs, and the investments that TSMC and Samsung have made (fueled by profits from smartphones), means Intel is no longer leading in fab tech (and probably never will again, or at least not by the margin they once led -- it looks like it will likely be neck and neck from here out)
2. their CEO appears to have *much* better judgement about how to make strategic investments than Ruiz did. If Rome is profitable, hopefully they will invest those profits wisely, rather than blowing them on some overpriced acquisition.
One other thought -- if Zen 3 ends up being competitive with Sunny Cove, then stick a fork in Intel's 60% margins -- they'll be gone forever. I'm not saying Intel is dying, I'm just saying their days of sucking up all the profit in PCs/servers will be over.