http://www.realworldtech.com/forums/ind...=3408&Thread=4&entryID=50850&roomID=11
Above is the possible explanation of that.  We can obviously see that the press saying "HT has security flaws!!!" is overhyped as if you read deeply into the article it says:
1. Affects servers likely more than home users
2. All SMT implementations that share memory caches inherit these problems(I mean, which doesn't share caches between logical threads?)
So what's basically saying is we are basically screwed in the future when Intel or AMD puts say, 16 threads per core in the future(maybe XD, NX or LaGrande will be used to offset that).
The reason the articles that say other SMT implementations are flawed are non existent is because none of the other processors are cheap/widely spread for somebody to do this research, it can be done, but proportionally, Pentium 4's are much more likely analyzed for these kind of flaws since LOT more people have access to Pentium 4's than Power 5's.  Look, it took like 3 years for this article to come out, and millions of people have Pentium 4's with HT now.
(The following is not directly related to above, but I'll say it anway)
The main reason of Pentium 4 having HT is not to fill the "empty execution units because of longer pipelines" as stated by some people.  It is a good reason to put HT, but not the only one.  
With HT, you can have performance increases that were not possible considering the increase in die size and power consumption increase.  That is very attractive for a CPU manufacturer.  The resources and money required to increase performance by adding more execution units are becoming very hard, what better way than HT to increase performance superlinearly(compared to die size increase/power consumption increase).  The overall benefits of HT in performance is 5-10%, with less than 4% increase in die size, also 5-10% increase in power consumption.  Before, you had to increase die size by 20% and increase performance even less than HT gives you(like double cache, or increasing number of execution units, more pipelines and/or better branch prediction).  If HT was so significantly better for Pentium 4 than Athlon64 because of misprediction penalty, Prescott should have had so much better increase with HT on/off.  Instead, Prescott gain by enabling HT was only slightly better than Northwood.  Major benefits to us is the semi-dual processor like smoothness we get.  
The reason the articles that say other SMT implementations are flawed are non existent is because none of the other processors are cheap/widely spread for somebody to do this research, it can be done, but proportionally, Pentium 4's are much more likely analyzed for these kind of flaws since LOT more people have access to Pentium 4's than Power 5's.  Look, it took like 3 years for this article to come out, and millions of people have Pentium 4's with HT now.
Its not that Pentium M can't have HT and benefit from it, its likely the market and the thermal constraint that is preventing Pentium M from having HT, probably also the fact that Pentium M was never designed from the beginning to have HT, while Pentium 4 did(kinda like how A64 was designed for better dual core operation).