I think that the value of HT depends on a few factors. I don't think it's of much use for most games. For example the 2500 and 2600 are essentially the same for gaming. Sometimes the 2500 even wins!I can tell you that a 3.2GHz SNB dual core is tremendously faster than my 3.2GHz Conroe, which lacks HT. There are certainly other factors at play which make the SNB so much faster but I would estimate that HT is playing a rather large role here.
See here for a review that looks at the SNB Pentium which has no HT. It is very strong against the I3 2100 in games. Pretty glorious budget hardware.
http://www.anandtech.com/show/4524/...-review-pentium-g850-g840-g620-g620t-tested/3
So I think it's not HT that makes SNB great for games. It's the other goodies.