Sadly for AMD fans, AMD is lagging behind Intel in the process reduction department. In the short term, this is letting Intel offer their faster CPUs at significantly lower cost, when pricing used to be AMD's strong point. That is improving, though, and recently AMD has validated a 65nm production process from a third party, Chartered, who is and will be making CPUs for AMD. This will greatly improve AMD's ability to supply 65nm chips. Supposedly, 65nm from Chartered will release right around when AMD said it would, in the second half of next year:

Although AMD appears to be lagging behind its rival on 65nm deployment, the company is fully gearing up for 65nm production and Chartered should play a critical role in supporting AMD's goal to have 90% of its CPU lineup advance to 65nm production in 2007.
Chartered also plans to increase the number of chips they produce over the course of the next year, which would help AMD get back into the price range of Intel.