the performance rating is marketing. Same as branding with mhz, ghz etc.
Broadly speaking, AMD's er, CPU "product name" (what I think of it as) is roughly par with the P4 mhz equivalent, but on all levels this varies e.g. in one benchmark intel's might beat it, in another AMD might win, and all over the place the margin varies. It gets even more complicated than that, because some cpu models are more competitive than others.
Wether a given AMD cpu is as fast, faster or slower than a given P4 depends heavily upon what you want to do with it - or rather what application you're particularily bothered about performance in. AMD said the PR was to be in comparison to ye olde Athlon, but world + dog assumes it's really when compared to a P4; which is fair enough since regardless of wether AMD was being 100% truthful or not on how they calculate it, practically every consumer uses it to compare to a P4.
Focusing on hertz is equally misleading to take as an accurate performance measure. if anyone wants to disagree, you can buy the P4EE, I'll buy a celeron and we can swap. IF it still seems confusing, consider the furor over 8 vs 4 pipelines in graphics cards, or simply consider mhz is to processors like cc is to cars.
Naturally, each company chooses to use the method of CPU branding that makes them look best.
IMHO, the best way to see whats the best performance you can get is to work out your CPU, motherboard and ram budget and then compare what options you come up with. Consider all PR ratings and mhz ratings blah blah simply as a name, just look at benchmarks for what you're concerned about performance in (from a range of sources). Then add into consideration other factors such as dont intel make good mobos and doesnt nforce2 overclock well, and now you're making a real comparison for an informed purchase decision.