The fundamental flaw with the "more cores" strategy is that it generally requires developers to do more to see benefits. Programming is no different than most any other business and as such has to make due with limited budgets, compressed time tables, underskilled and/or inexperienced labor, a lack of priority and resources from management, etc.
This is roughly the same issue as the x86 uarch. It is cheaper and easier for Intel and AMD to throw billions at R&D, fabs, and production and for customers to throw billions purchasing x86 than it is to move away from it on the software end.
Now, as to BD itself... It works. It does everything a CPU is supposed to do. There is nothing you can do on Intel that you can't do on AMD. ATI/Radeon is doing fine. Bobcat and Llano seem to be doing fine in their respective markets. BD will likely do well in the server sector. It just seems to be a bad enthusiast level CPU.
BD obviously doesn't do enough to change that landscape, but AMD has been losing that battle for a while now. On 10/11, if you needed the best gaming CPU, best single-threaded IPC, and/or best multi-threaded performance you bought Intel. On 10/13, you still do, however I believe that the Bobcat (would anyone on this forum still buy Atom?), Llano (AMD is relevant in notebooks finally), and Radeon lines place AMD in a better position today than they have been in years past.