Not really. The 8 core count system, at best performs like a quad core on the intel side. In the server space this will still be the case. You can't just throw a lot of weak cores at a problem unless you're throwing a whole lot of weak cores at a problem (see the failure of larrabee for an example, compare that to the "core" count of GPGPU offerings from AMD and Nvidia). Unless they're going to offer something like a 16 module offering (IIRC, they're talking 8 module?), they aren't going to be competitive.
I've also seen a lot of misinformed "but, but virtualization!" arguments as well. If you think that in all but a few cases we really need more dense processing power for general purpose virtualization, you're either working in one of the few fields that that is the case, or you are just assuming VMs need processing power. They don't. Most of our VM systems are sitting with loads similar to the following example.
2, quad-core HT capable i7 Xeon's @2.93Ghz (X5570), 72Gb ram, 17 VMs currently sitting on that server.
Utilization:
Proc - 2.742Ghz processor time utilized (out of 8 physical cores, we are using load that could be provided by 2 or 3 cores with no noticeable change in performance), memory 46GB utilized.
We run out of memory volume (less of an issue), memory I/O (hard to identify, but it becomes a bottleneck), or disk I/O (more common), far, far earlier than we run out of processing power.
edit: and actually in the low utilization many thread environment of virtualization, I'd rather have stronger individual cores with HT than almost twice the weaker cores with no HT. We get around much of the penaltiy for context switching with HT, while not giving up peak single-threaded performance for those rare times that we have a spike in demand for a busy process.