Currently, Intel has better chips... But they are also more expensive. Some support twice the speed on the front side bus and have over a meg in cache memory.
But when you compare prices, AMD's $250 chip kicks Intels $250 chips ass.
However, when you get into the $550+ range (AMD's top chip), Intels chip in that range will beat the AMD by a small margin... The gap only widens when you go past AMD's top chip and move into the $800+ price range, which is an area AMD doesn't have a chip to compete in.
So... If you are building a system you want to work on without video editing, go with AMD... If you need video editing, go with Intel only if your budget can afford to build a computer around that technology.
Remember, the faster bus speed also means you will need a more expensive motherboard and a much more expensive set of RAM chips. 4gigs and an AMD Athlon 64 X2 4800 inside a decent box with a 160gig ATA hard drive will set you back about $1100... An Intel Core 2 Duo Extreme with the same setup would set you back about $2500 - $3000...
Figure out your budget and needs and go from there...
Also a footnote, remember that the AMD chips is going to be 4 times faster than your current chip in the first place... so moving from a Nissan Sentra to a BMW might be enough for you... do you really need a Ferrari?
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