Yeah, Phenom II was competitive against Core2, but by that point Nahalem was out and Sandy Bridge was just around the corner.
Really, from the E8600/Q6600 through the i7 920, i7 2600k/i5 2500k, through the 4770k Intel was on a roll. It was really after that Intel went into cruise control, and it cost them long term.
Indeed, it was round Haswell's time that Intel started sleeping, thanks also to an uncompetitive AMD.
Sandy Bridge marked a turning point in CPU design, and today's CPUs, even the ARM ones, vaguely resemble it. We've got to hand it to AMD too because Bulldozer, though failing in practice, was quite original; and learning to chop its power taught them much that got poured into Zen.