No thats not the entire story by any means, if you put that much L2 cache on an AMD it would make little or no difference, they are completely different architectures that require completely different parameters, AMD's architecture does not need the extra L2 where as Intels is enhanced by it, I suppose my point is, the extra L2 in itself does not make the gains clock for clock between the 2 architectures, it;s the efficiency within those architectures that determine the speed, for example, AMD is/always has been very strong on floating point calculations and memory intensive processes (AKA on Die mem controller), Intel is much stronger on arithmatic blah blah.......SceinceMark 2 sees the two of them more closely matched clock for clock as that bench tests memory and various CPU calculations.
Sorry long winded answer to a very small point!
One last point, you say, AMD's architecture is more advanced, that could be true, however, it means nothing if it cant compete, and sadly, across the board it cant compete.....now before you think it (if you havent already!) I was brought up on AMD, I love AMD and I will always go back to them.....when they become more competative.