While I agree with the no competition part, I just cannot understand your frustration about this particular chip. How could you be expecting an IPC improvement if these are the exact same SB cores? The "next generation" is Ivy Bridge, and not even that since Ivy is the tick, Sandy Bridge was the tock (and brought an impressive IPC increase over past gen), and so is SB-E. The name should have hinted it's the exact same architecture, it just has more cores. Intel has been doing the tick-tock strategy for how long now? SB was the tock, the architectural change, next thing is the tick, new process on old architecture (Ivy). SB-E is not even on a new process so how could you posibly think it was a new architecture?
Also I think you are not being reasonable with the timeframes, "resting on their laurels"? Of course they are relaxed, but to say as much as that they are sitting on their laurels... it's just not true since they started with the tick-tock. Have you been paying attention these last years (decade I'd say)? The days of 1 year cycle for each new architecture were over more than 10 years ago, now it's typically 2-3 years if things go perfectly and you are Intel, or just simply ask AMD, Via or hell even the quite successful ARM how easy it is to create a new arch every <insert random number> months. SB was introduced 10 months ago, expecting another new architecture this soon is delusional. 5 years and look what happened with Bulldozer, it's not easy.
I agree that Intel could advance faster if they took some capital risks, like the rest are doing, but why should they take any risk? Why abandon the tick-tock strategy that is working so well fr them? They are already 50%+ faster than competition and the difference grows with every tick-tock cycle. AMD just can't keep up at this pace, no one can really, so Intel is not objectively sitting on their laurels.
I understand your desire to get better and better CPUs (in all fronts, i.e. gaming) with every release, but I think it's not very realistic to expect huge improvements on every chip, at least when they belong to the same architecture. Like many people have said already, SB-E delivers where it was designed to deliver: in hevily threaded apps.
Sorry for the long post and sorry if it seems I'm picking at you, not at all my intention.