And it still won't come close to an overclocked P4. I'm done with this arguement.
It depends on the application. Games depend a lot on SIMD instructions and floating point math. These are areas that the PPC970 absolutely excels at, easily enough to be worth double the clock speed compared to a P4, especially since the P4 is hindered by a dearth of registers (as noted by the Unreal Tournament programmers). I'll grant the absolute speed crown if you want to talk integer performance or switch your reference chip to an AMD Opteron, but Intel is lacking.
Go fix your pc, so you can play some games... I'll be using my Mac!