To be honest, I am a old time AMD Fan, I believe in Price to Performance not Performance to Price, If I did not have the money to build the current PC I use then I would have went AMD, but I wanted to try out the Intel i7 990X Extreme so I went that route. I will NEVER again pay 1200$ for just a Processor again in my life, except for the workstation I am building with Dual Xeons at the moment for Video Editing.
AMD has it hands down with the Bulldozer for what you get, for the price, and the OCing ability they will have that is the way to go. I just sat here last night and did my final part order for the year until the Bulldozer comes out, I am building a Dual Xeon setup for my video editing and going to sell my PC I use now, it was fun and fine for a while here, but eh. I am going back to AMD again for my gaming rig, Intel does by a mile beat AMD in the "Real World Work Applications" but for Gaming NO I do not think so.
If your building a rig for Video Editing, Encoding ect. Intel is the way to go totally 100%
If your building a rig for Gaming, AMD, get the BE Processors, learn to properly OC and go! This way you can get the gaming RAM you need, and now that AMD 900+ chip-sets do SLi ect, AMD again will have the market for high end budget gaming with out busting the bank.
In the end for each person it comes to personal preference, I see the + and - in each processor, I have used and work with both.
I would rather save 500+$ on a AMD CPU to get a better GFX Card, a better MOBO ect. than a Great 1300$ Processor and a crappy video card, or MOBO. If your parts are Sub-Par but your CPU is awesome! you are still Sub-Par.
Remember kids! DO NOT build a 5,000$ RIG and toss some crap-ass cheap PSU in it! I see it all the time, and would LOVE to slap people for that crap....god it is so annoying....