From what I've seen, the P4 would be better at serial task switching. When background loads are applied the dual system does better. In 3D rendering, the dual system dominates the single chip system. I would imagine that for server side database functions you would see this as well. The comparison I saw implemented 2 P3 1GHz vs P4 1.5 GHz.
In looking at Lightwave benchmarks it looks like dual 850 would loose to the P4 ( LW 5.6 on P3, LW 6 on P4).