According to Zep, the current AMD is really a legacy of the DEC 64bit RISC processor, which has been dropped. That is why AMD was able to get a 64 bit Intel processor out so quickly, they already ran the Intel architecture on what was internally a 64bit RISC machine.
Both Intel (since the Pentium Pro) and AMD (since the K5) have been decoding the x86 instructions into easier to execute ones. Those could be described as RISC instructions, though that's a huge simplification. The important part here is that first decoding x86, then executing them is way faster than directly executing them.
The reason why I would not call them RISC is because that's a design philosophy aimed at using simple instructions, to simplify processor design and speed up performance. At the cost of higher memory usage. Modern x86 processors are actually more complicated because of the decoders and fairly memory-efficient.
The comparisson with DEC 64bit RISC is interesting. What happened is that Dirk Meyer used to work for DEC when they produced some high performance processors, then moved to AMD and headed K7 development. So basically the K7 development team used much the same ideas that were being applied at DEC, courtesy of Meyer. But the legacy is mostly spiritual, apart from the EV6 bus AMD didn't copy any of DEC's implementations.
AMD was able to launch a 64 bit x86 processor before Intel, because the latter didn't want to launch one as it would compete with their Itanium line. Dirk Meyer didn't like AMD's K8 design (headed by the same guy who developed K6), so they threw it out. Instead, AMD ripped the guts out of their K7, redesigned all components with improvements where needed and bolted on a memory controller. Hence, K8. With Prescott being a dud that was more than good enough.
I think Intel got overconfident at some point during the nineties. They were trying to stear the market towards Rambus and Itanium. But with AMD offering a credible alternative the market decided to not follow Intel, and that cost them dearly.
While Intels Conroe/Merom is definately the best CPU at the moment, I think its relative excellence is mostly due to P4 being a dud and K8 having had only minor improvements. AMD has been complacent lately.