I don't think that Intel in the future will relieve any of the pressure on AMD e.g. by conforming to the EU fines and directives. The damage that Intel did to AMD processors and the brand name is irreversible. In addition, AMD/ATI graphics chips everyday lose more and more faithful users, because on the one hand the company refuses (or can't afford) to invest developer time on proper drivers for the new GPUs and on the other AMD opted to call perfectly capable hardware as "legacy" in order to avoid long-term support. Even Linux users are most disappointed, because the Catalyst proprietary drivers do not support those "legacy" GPUs on the new Linux builds at all (on my 4 year-old ATI powered laptop and my 2nd PC, Ubuntu 9.04 is still incompatible with Catalyst drivers).
Therefore I'm afraid AMD as a CPU and GPU designer does not stand many chances to survive, unless they make a real break-through in extreme low-power systems on a chip (integrated CPU/GPU) that might power the emerging new types of hardware (like the rumored iTablet or next-gen netbooks/smartphones).
The new foundry is a wise move, probably signaling a shift in the main activities of AMD from products to (chipmaking) services. I just hope that it will perhaps also provide a smooth job exit route to some of its employees.
AMD is pressing Esc, although there is no escape: the one Ring is destined (with a little help of foul play) to rule them all.