Prescott has a whiff of Willamette behind it - give it time to scale up in speed and have a couple of enhancements (better process understanding, possibly a few minor architecture tweaks) and probably in about 6-12 months it'll come into own. As Joe say, it does appear to be a relative achievement that they've managed to add as many stages in the pipeline and drop such a small amount comparatively - to the end user, though, they only heard of the "good" things (SSE3, better branch prediction, larger cache) so hearing that it is a shame to see it land a little slower in most cases.
However, "flop" can have quite a wide scope, and when considering that I would tend to also take into account who its coming from and what it does to the company.
Intel is pretty huge and has a commanding presence with the OEM's - if Intel looses significant marketshare to AMD then Prescott (and possibly their current processor direction) may be measured as a flop down the line, but my guess is that while there may be some market share loss in the interim I doubt it will be too significant. It'll be interesting to see how quickly they can get to gips with Prescotts heat and power requirements and scale the clocks up significantly.
XGI on the other hand really was coming from nowhere, and I really wasn't expecting too much because of the complexity of modern 3D chips and how good NVIDIA and ATI are at it that the moment. I would have hoped they could do more, but I'm not too surprised where it is. However, I think its still a reasonable achievement to come in from cold and produce a working (most of the time) DX9 part.
NV3x is a highly capable architecture and massively competant in many way, however I think it looses in two ways. Clearly the public perception is somewhat wayward from the reality once it was released - the PR had to go this was because it was late and ATI had a very competant part available, the PR had to keep people from purchasing ATI by trading on NVIDIA's history in releasing parts - with the competetive performance on the outcome this may have harmed the longer term perception. Secondly, it was probably more that ATI surprised than NVIDIA dropping the ball very much (beyond the delays) - architecturally I see a lot of similarities with what they have done in previous generations to NV3x: accelerate current games now, provide developer functionality for the future.