AMD was way ahead of Intel at the time regarding IPC, the Pentium M was just Intel catching up to AMD, and had about the same IPC as A64 that was released the same year. But unlike Pentium M the A64 was a real performant CPU.
Don't get me wrong, I loved Pentium M and I when looking at laptops there was no reason to bother looking at anything else at that time. But it was a parenthesis few even knew existed. It was more of a successful prototype proving that the (future) Core series had a good foundation.
AMD didn't have as good fabrication, which is partly why they couldn't compete with Pentium M on power. But that's not what we are talking about either, because of the higher IPC the A64 smoked everything Intel had for years coming. Despite Intel having better fabrication.