The IEEE754 floating point representation gives you an easy way to roughly approximately convert between the log2 of it. The exponent gives you exactly the integer log2 of the number, and the mantissa gives you a fractional linear term that you can drop onto the integer part to make it closer to the actual log2 version. This lets you do some fun things fairly easily.
x -> log2(x) -> -log2(x) -> 1/x
x -> log2(x) -> -0.5 log2(x) -> 1/sqrt(x)
x -> log2(x) -> 0.5 log2(x) -> sqrt(x)
The lossiness of the conversion limits your precision, but there's a lot of times you don't give a shit. So the instructions are still valuable even if they're only approximately correct. For the reciprocal case, it will do something like this:
I'm not sure where the nondeterminism comes in between AMD and Intel. As you can see, with the reciprocal, there's no magic constant like there is with inverse square root. Maybe they're fudging something, or have a different form of Newton's method, I dunno.