Considering the resources Intel has plowed into developing not only Sandy Bridge's architecture but also the 32nm process tech that enables it's clockspeeds and power-consumption...the only thing that we should expect to be able to beat Sandy Bridge is Ivy Bridge.
Miracles can happen, but Sandy Bridge is no Pentium 4 Netburst step-back situation. Miracle denied IMO.
The only thing AMD can hope to do is beat Intel in Price/Performance in their i3 segment and perhaps their lower end i5s. Of course, all Intel would have to do is lower their prices (which I hope they do!)