If you down clock the Intels aggressive 5.x ghz clock to AMDs peak 4.x ghz then suddenly you see the AMD is actually faster per cycle in IPC across the board than the Intel. The only advantage really Intel has at this point in the race is gross clock speed.
I have an artificial leg. I'd rather race against you with my leg on than chop one of yours off so we can compete on an 'even' basis.
Downclocking an Intel chip so they'll be 'even' doesn't take into account that Intel chips are engineered to clock faster. If you want them to have the same clockspeed, AMD needs to engineer their chips to do so. Bulldozer and derivative chips could clock well. My brother-in-law had a highly-clocked AMD system. It didn't do him any good against the slower-clocked Intel chips that performed far better than their clocks indicated.