Indeed. Single threaded performance, however, seems bad. Virtual cores most likely share less of the actual core than on Intel parts, allowing one to compete less with the other and get more done. On my i7 laptop, on anything more demanding, I see half the "cores" idling, probably because one is using the actual underlying core while the other is waiting.
Still, while AMD obviously did a good job, it will not make the Intel guys lose any sleep for now.
The server parts are another story. If they manage to reliably outperform Xeons (even if it's only on a per watt basis), it'll be fun to watch.