"AMD didn't get to the 32nm party first, but they've finally made it and are aiming to make the most of it," said Olds. "I'd call them fashionably late and definitely not too late. Intel is obviously way ahead, but this new chip gives AMD something to talk about and perhaps a way to ratchet up their market share."

Going to a smaller manufacturing process generally saves energy and enables manufacturers to pack more cores onto a single chip. The move also is a gauge of how things are progressing in the industry. Moore's Law, the 42-year-old prediction made by Gordon Moore, asserts that the number of transistors on a chip doubles about every two years.

But more than anything, AMD is just trying to keep Intel within its sights so it has a chance of catching up with its main rival.

"AMD is doing well these days. They're delivering on both their high-end server and low-end desktop/laptop processor roadmaps," said Olds. "Getting to 32nm is an important step for AMD and is the ante point now for modern processors. AMD needed to make this step in order to remain competitive. Assuming that they get the yield they need, they're in good shape going forward."

Charles King, an analyst with Pund-IT, said AMD is offering up something of a mixed bag with Llano, which could keep the company from surging ahead as quickly as it might otherwise have.