Actually P4s are only insignificantly faster in media encoding/decoding, and a few rendering programs. However, in business programs (word, excel, etc), compilers, servers, games, and basically everything other then media, athlon64s are faster. Furthermore they are cooler and use a lot less power. You have to remember Intel underestimates their TDP and AMD overestimates, and still AMD's are much lower. In real world tests an A64 Winchester will use about 85W, and a P4 about 115W. Big difference, although the temps may be similar because the P4's heatsink is 2x as big.
Also, for air cooling you can get more performance from overclocking the Athlon64's then you can from the P4's. Mainly because the P4s run hot. Oh and don't forget the countless other major features of the Athlon64 that the P4s utterly lack. First, an integrated very high performance memory controller, 64-bit operation that is actually faster then 32-bit rather then slower, a non-swamped FSB due to no memory usage and HTT, a better branch predictor, and all it takes is a BIOS update to support dual-cores instead of buying a whole new comp.
Basically, AMD has the best products out right now in all areas. They made Intel look like a bunch of idiots, although I admit the only idiots at Intel are in the marketing department. Unfortunitly for Intel, the marketing department runs the whole damn company, a fatal mistake.