The logical person in me says AMD might have been better off never acquiring ATi in the first place, the whole reason AMD has relatively gone to **** since their glory days. Fusion took way too long to come to market, WAY to long, and of course AMD's microarchitecture just hasn't been competitive at all accept in the low power arena with Bobcat.
Um, "ATI" is what is keeping AMD alive these days.
If they produced the same lame CPUs as they have done -but did not have the cashflow from the graphics division- AMD as we know it would be dead by now.
Fusion / APU might be 'late', but let's be honest aside from a few speciality cases most programs and users still do not benefit from those kind of features. They might in future, but not today. And without ATI's acquision, AMD would never have any APU / Fusion type designs to begin with, setting them even back in rivalry with Intel.
Buying ATI is the smartest thing AMD has done in the past decade. Bulldozer, on the other hand, is AMD at its dumbest.