Yeah, as much as I've been a pretty big fan of AMD over the years, to discount all that Intel has done is nuts. The AMD 386DX40 etc was great, but they've had so many hit-and-miss products over the years. Intel has been fairly consistent in churning out better products.
So to list some of what Intel gave us:
Pentium - That was the first real inclination we had that x86 could compete with RISC in the long haul. Before that we were pretty much expecting it to be a matter of time before we had to switch over to Power/Alpha/SPARC. Intel showed that a superscalar design could work with x86, and it really flew compared to the 486. Then the P6 came along and it started to beat some of them.
PCI - what a miracle that was compared to how slow graphics were with ISA cards, and VL BUS with its funny incompatibilities
USB - as much as people can knock it compared to Firewire, it's dirt cheap, it just works, it's pretty fast, its supported by hordes of devices, and its incredibly convenient
Consistency - what really sets Intel apart from everyone is the ability to churn out "decent" products year after year after year. AMD has its moments of brilliance, and then the next year they mess it all up. Even when Intel was struggling at its most with P4 vs Athlon, it was still able to keep somewhat competitive. Compare this to the way other chip companies stumble, Motorola blew the whole of POWER on the desktop/laptop Mac by being unable to keep up with Intel's steady march. AMD messed up the K5 design, got saved by the K6/K6-2, won with Athlon/Duron, messed the launch of Phenom, struggled with TLB bugs that slowed everything down, can't get the clock speed of Phenom up, and still don't have anything which can properly take on Core 2. Meanwhile Intel continues to tighten the screws with Core i7.
Don't get me wrong though, I'm really grateful to AMD (and Cyrix) for making x86 chips affordable for the peasantry and I've owned an awful lot of them over the years, and I do think they have some exceptional engineers. It's just that they can't touch Intel as a professional well-run chip company.