It doesn't improve the hardware, it improves the software. AMD is never going to out-fox Intel on the high-performance x86 front, so AMD needs to leverage the advantage they do have: GPUs.
Stream, OpenCL, C++ AMP, etc have yet to catch on with most developers because all of it still requires the GPU to be accounted for and programmed separately. With HSA, programmers are effectively programming against a single virtual ISA that covers both the CPU and the GPU, meaning they no longer have to explicitly program for the GPU. And that is how AMD intends to get programmers using the GPU, thereby allowing them to exploit their GPU performance advantage and outperform Intel.