AMD's first DDR3-supporting Denebs are on the schedule and due for release within the next couple of months. While they have a quad-core Deneb prepped for released at the beginning of next year, the AM3 boards with DDR3 memory support are not due until sometime in February.
Despite the short delay for a DDR3 platform, AMD is throwing a bone to anyone who wants to pick up a Deneb CPU - Denebs will be compatible with both AM2+ and AM3 motherboards, with the CPU itself having a memory controller capable of dealing with both DDR2 and DDR3. That might make a nice upgrade path for people who have pricey boards or RAM right now and don't want to ditch it for the sake of a CPU.
AMD's launch of Deneb marks the end of a long downward spiral which Intel has taken great advantage of. Is it too late for AMD to pull itself out of the slump? Definitely not. They started out as an underdog manufacturer, and they certainly have a chance with Deneb to impress the public once again.