Well, not exactly. Because Intel will most probably launch it as an EE processor (eg, 999 USD/EURO price). They will have the crown, but only the rich will share it.
This means that AMD has a very good chance to close the gap between it's current Phenom II X4 and the i5/i7 on all fronts, not just gaming. But only if the price is right (and compatibility with existing 7xx MB/chipsets is maintained).
The only problem is that AMD will be at least 2 months late to the party, enough time for Intel to "produce" a non EE variant of its six-core.