Would it have been better if Intel had not Produced P4 , think how it could have effected current Intel architecture if P4 was not developed ?
The development of the P4 architecture really helped Intel in a lot of areas. If they didn't develop the P4 architecture and try to make it work, they likely never would have the phenominal Cache design they have now. They would likely not have nearly as good of a fabrication advantage either, since both of those things were needed to even try to sell the P4. They developed a great deal of workarounds based on the limitations of that microarchitecture that they likely never would have spent the time and money to develop otherwise.
That said, AMD doesn't have to luxury of being able to afford to do that. They are likely to just cut their losses at the high end and abandon it completely, in my opinion.