If you're talking 3200+ vs P4 3.2, that's what... $190 vs. $220 respectively?
To make it short, I pick AMD any day in this case.
I'll be honest. I was an Intel fan up until early this year. I refused to believe that AMDs were that good, but seriously. The 3200+ kicks the 3.2 anyday around. Furthermore, you can overclock the 3200 (2.0) up till 2.8 GHz on STOCK COOLING. A 2.8 GHz is what.. 4200+? Hahahaha. Add in some whacky cooling I'm sure you can get higher.
How high does a 3.2 go? Not very. Stupid Prescott cores.
Athlon 64 is just far more efficient and so it demolishes the P4 in terms of IPC. The pipeline of a K8 is 12 stages long. A Prescott has 31 stages I think? Wow. It also has a crazy branch predictor that makes it so friggn hot.