I don't think anyone is expecting for something as disastrous as the original Phenom, I think people are expecting something more akin to something like Phenom II which was decent for a company with the resources AMD has. I think with all the framework with current CPU's, it is hard to gain single core performance because the biggest improvements have already been implemented. Sandy bridge for example isn't as impressive an improvement clock for clock as nehalem and nehalem was as impressive as core 2 duo vs P4 architecture.
I think expecting something that's going to beat for example ivy bridge for example or even match it clock for clock core for core is super unlikely. It would be the biggest improvement of all time, bigger than core 2 duo vs p4. Ivy bridge is supposed to be 20 percent faster and with sandy bridges lead over phenom II it would have to be a monster gain that is pretty much impossible.
I used to love AMD for their processors but they have continued to disappoint over and over again. Their overclocking ability is less consistent than Intels which make them less fun. Unless your working with LN2 i guess or liquid helium with the most recent processors. They are so much slower clock for clock too. So that why I wouldn't set my expectation too high for bulldozer as well as a lack of anything to show. Intel shows things months ahead of time because they are confidence about their processors, AMD just seems less confident.
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