AMD reportedly plans to target the netbook market with a new processor in its Fusion line. The part will be in direct opposition to Intel's Atom, and to some extent, ARM's offerings. While AMD offers the low-powered Athlon Neo, it's generally used in small notebooks and competes more with Intel's CULV processors than its Atoms.
AMD's Fusion products are part of an ongoing project to unite its CPU and GPU cores on one chip. The first Fusion processors should appear early next year, with the netbook chip aimed at 12-inch devices or smaller. It will consume 10W to 15W of power, and according to Nigel Dessau, AMD's chief marketing officer, the integrated GPU will offer enough performance to not require a discrete solution, such as the Nvidia Ion.
It seems likely that the processor is AMD's 32nm Bobcat introduced last November, but that's unconfirmed at this point. There is also no official release date or pricing, nor is it known what manufacturers might use the lightweight Fusion.