To answer your questions:
The TLB errata-free Phenom chips are already on the market, but they are not a huge improvement over their predecessors. They're not going to steal the performance crown back any time soon though - but they might win on the budget market if their tri-core chips do well and come out at reasonable prices. They've got a great platform and competitive graphics cards - if AMD could just get something decent out on the processor front, they might actually work their way back into the hearts of enthusiasts.
The HD4k series is due out sometime in June, and if initial specs are to be believed, will run all over anything Nvidia currently has on the market. You could have said the same thing about the HD2k series however, so I wouldn't place all your faith in the HD4k series - but it's a good bet that AMD isn't going to screw the pooch again, especially since they proved that they do in point of fact know what they're doing since the release of the HD3k series. They're behind, there's no denying that, but they're not hopelessly outclassed.
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