>>>its not 2 physical cpus
Right - it's more like 1.05 CPU's (since the hyperthreading circuitry only increased die size about 5%).
>>>for HT, i think its like this: when one section of cpu is working (say FPU) it is able to process like SSE code simultaneously wihtout the waiting period
Uhhh, not really. Hyperthreading really just prepares more instructions for execution (from two different threads) simultaneously. They still can't be executed simultaneously, but if something stalls one thread, the other is more likely to be there waiting to go. Thus the CPU is actually doing useful work a higher percentage of the time.
When hyperthreading first came out, most of the benchmarks didn't show it doing much. What people are finding out in the real world though, is that it makes for a much more responsive machine any time you're trying to do two things at once. Will it make a single game run faster - probably not by much (until game engines are optimized to utilize it). But it probably will make your game less likely to slow down if your machine decides to start doing something else while you're playing, like running a virus scan, or checking for new email.
Just ask this guy what his opinion of Hyperthreading is
recent user comment on THG.