Unless Zen is much more along the lines of Bulldozer's clock speed emphasis, or potentially more so, it would be unlikely due to Intel's ability to pair process and design much more closely. AMD is explicitly foregoing specialized processes, which is going to hamstring it when the foundries provide processes that have to cater to a market that wants to build ASICs.I would hope that AMD aims for a lower clock ceiling than Intel (with Haswell and Broadwell). Haswell maximum clock ceiling (turbo) is 4.4 GHz (flagship 4 core i7 Extreme with 4.0 GHz base clock).
The continual downhill march in clock speed for the speed-optimized Bulldozer line as AMD has shifted to more conventional processes shows the general trend before assuming a design with the complexity to achieve 40% more IPC is added.
There are server and workstation markets that still care about top-end performance. Either due to software licensing costs that scale per core, or latency sensitivity (high-frequency trading?), getting high per-clock performance at the highest clocks possible is something worth paying a premium for.Servers and laptops are all about performance/watt.
AMD may very well not want to take the fight to that niche, but the money is real enough.
I think it's probable that AMD's solution will in the end be
1) uncomfortably late given that it is coming out in a few product bands in 2016 and barring process delays could be challenged by 10nm Cannonlake chips by the time it is out in force
2) inferior to Skylake, much less its successors, in IPC
3) inferior in clock speed
In the face of a clock and IPC disadvantage, I'd like to imagine that AMD could offer some other value-add. However, APUs are a 2017 proposition and elements like IO and features are unclear and may be out of date if the rumored HPC APU slide is accurate as to the standards in use.
Possibly, the new interconnect or the Seamicro IP about there is almost no information about might help in some niche.
Fancier instruction support and speculation techniques would be nice, but a noteworthy gap in Bulldozer's lineage was the enhanced speculation CMT could have provided. I still wonder if that line initially was trying for something exotic and got burned, so Zen might be going in the other direction when it comes to taking risks.
There's still the value play in tiers it has no presence in now (so more cash by default), and hopefully the architecture is able to compete with Intel's mid-range and maybe lower high range rather than trading blows with an i3.