The newer P4 core the "Prescott" runs hotter than the fires of hell itself, and with super low voltage A64's now available (Winchester) they run undeniably cooler!
The P4's are very strong when it comes to video editing, as has been mentioned above, as well as in several other encoding/decoding situations. For gaming however, AMD is currently top dog, and it serving the overclocking community well by providing partially unlocked processors (required for their Cool and Quiet ability).
The ability to lower the multiplier and crank up the HTT+memory frequency is great!
As a gamer, there is no alternative to AMD at present.
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