Good news, their 20nm process could offer the best bet for companies other than intel to remain competitive in the market without depending too much on TSMC. But this foundry consolidation is imminent. Samsung will not be holding on to their fabs for too long either.
@mark.lapedus: to answer your question, they have a good chance to make it considering that the theme today was collaboration with partners like the news today with ARM that they taped out a dual core ARM cortex A9 in 28nm (http://www.tradingmarkets.com/news/press-release/armh_globalfoundries-launches-industry-s-first-28nm-arm-cortex-a9-processor-platform-with-gate-first-high-1145834.html). They also will develop Flash technology with Freescale, also announced today. The 28nm 'Gate first' HKMG technology will deliver 10-20% improved die size and cost over gate last, and allows true scaling 100% density increase over 40nm. Given that they are building capacity, have resources, lined up partners, are fully behind 3D TSV, are on their way to have test chips in 2H2011 in 20nm, it looks like they have the right plan and they can make it if they execute.
I like the fact that Global Foundries is trying to change the foundry world... it is good for our industry since it will cause their competitors to innovate too.
But its an execution nightmare. See what they have on their table: 45nm SOI, 40nm bulk, 32nm SOI, 28nm bulk, 22nm (SOI?), 20nm bulk, and a major part of these in three flavours: high performance, low-power and high-performance plus. Adding to this, they are trying to develop MEMS, NVM, analog, etc.
When people are struggling to get one 40nm technology up and running with good yield, these guys are being too ambitious! I wish them luck, but if I were the CEO there, would keep the company focused on a few things and do these things well.