Actually, AMD isn't any number of years behind, because they don't have any fabs (i.e., don't have manufactig processes).
GlobalFoundries will be at 28nm in 2012 (roadmap
http://techreport.com/discussions.x/21568 ). That isn't too far from 22nm (which Ivy Bridge is going to be at next year also.). However, it does give Intel a higher transitor budget to squeeze higher performance out of. Additionally, AMD has allocated a higher percentage of the budget GPUs so the x86 transistor gap is even higher.
Direct comparisons are a bit off because they aren't shrinking to the same size targets.
GF 40nm -> 32 nm -> 28 nm -> 20 nm
Intel 45nm -> 32 nm -> 22 nm -> 14 nm
In part, because GF has to make chips for many folks and not just one customer. That has upsides and downsides. One downside is that Apple can't show up at the last minute and say "Oh by the way, I'd like 4 million Zacates over the next 6 months". The lead time is long and they probably have to pre-pay some amount to block out the time.
Although the Zacates were being made by TSMC (at 40nm and future 28nm ). Although yield/process problems at TSMC is another reason can show up out of the blue and ask for an addition 4 million also.