I guess this is going to be a stepping stone release and AMD was going for the 'first 8 core processor' tag.
They are going to be releasing 4.3Ghz chips soon (but haven't yet) so maybe a 30% increase in current clock speeds will prove the concept.
Personally I think the Bulldozer II will iron out some of the kinks.
It has to be said at least AMD are being innovative in its designs.