It is much better for server/workstation type processes, in fact anywhere from 10% to 25% faster, but yeah for desktop it is a disappointment. I think AMD will need to decouple their development for the server/workstation and desktop parts as it is clear that the two are very different and being on average 20% faster in server/workstation type apps is not going to translate well into desktop apps and games.
AMD also needs to work more closely with Microsoft to make sure their processors operate at optimal rate.
I'd say depending on what you need it can be both great and bad, if you are looking into gaming you are better off with a 7800x3d, if you are looking into value then the 7000 series are better, but if you are looking into more professional work, into workstation type work then it can be a great choice.
From my point of view it is a disappointment for your common desktop use and playing games, but from a server/workstation type view its a major advancement over the 7000 series, it is a way more forward looking architecture and it is going to age much better.