AMD K7

Slot A will be mechanically identical to the Slot 1 interface that Intel uses for its Celeron and Pentium II processors, but will be based on a different system bus architecture which means that the two companies chips will not be able to run on the same motherboards. The K7 will use the EV-6 bus technology AMD has licensed from Digital Equipment Corp, while Intel relies on its proprietary P6 bus architecture.

How could it then be that I might buy the more expensive Katmai before the K7 then? If AMD's attempt at creating their own open, different standard fails, Intel could put them out of the market. However, the microprocessor market has grown to the extent that it can profitably support different manufacturers with different standards. 
For example, end users like us are looking for a market which offers sub-$1000 based computers ( like the Media GX ) with parts soldered directly on the board.  If you need any more evidence, look to AMD's main competitor, Cyrix. Their future plans and current plans converge - the Cyrix MXi is going to be cheap and powerful in its prime at the price of exapandability.

It really looks like the K7 has the capability to be a killer chip.  Based on a .25 fabrication process, the K7 has to prove its worth in the market. The plan at AMD is to deliver the K7 processor in a module that is physically, but not electrically, interchangeable with Intel's Slot 1 Architecture. The K7 will run at clock speeds of 500MHz and 550MHz with a 200mhz bus when it is introduced sometime in next year's second quarter, according to AMD's roadmap. AMD has stated that the K7 will support Symmetric Multi-Processing (SMP). If this becomes a reality, the K7 will be the first non-Intel x86 chip that is able to use more than one processor in a system.

Get the best price on the AMD K7 here.