In the end, the chip isn't bad, it's just 2 years late.
If BD had shipped Fall 2009, (prior to Sandy Bridge), people would be falling over themselves to pay $399 for it. Price/performance is relative to what else is available. Sandy Bridge is the "else" and has completely repositioned the price/performance bar, fortunately, for the overall good of processor evolution.
AMD could have blindly followed Intel's lead, but they didn't. They attempted to out-flank Intel with 8-core, and a new design. At least they tried. In my own experience a complete redesign rarely succeeds, but often breeds new breakthroughs. Now that the product has shipped, I expect marketing and executive pressure is off for a while, and 2012 will have a positive revision for the FX chip, plus, who knows, we may now see a revised, die-shrink of Phenom. One way or the other, good things will come.
In the meantime, as a consumer you are entitled to spend your money as you see fit. You have more choices now than ever. Vote with your dollar. Personally, I see Bulldozer as 2009 performance, plain and simple. I'll save my money for SB-E or a 2700K uberclock.