The Pentium 4, with its long pipelines, takes a long time to get anything done. Each stage of the pipeline takes a cycle. With a longer pipeline, however, not having the right information in cache seriously hurts the performance.
Athlons get around this by simply having shorter pipelines, and the A64 having a short pipeline and direct RAM access from the CPU.
However, lengthening the pipeline lets you get to higher speeds (less work per cycle, but you can increase the work being done all totalled by hitting high speeds), and in theory, you can get the number of instructions completed at a rate equal to the clock cycle (every stage is filled with an instruction). So there are benefits t this.
The Pentium 4 gets around the performance hit by using HyperThreading. It looks to the OS like two CPUs. So if one thread gets stuck and has to wait on getting info from the RAM, other threads can be completed as normal, instead of stalling the CPU until that one thread finally gets the information it needs. Note that it gets bogged down on an OS, like NT4 or Win2k, that won't see it as HT, but think it really is two complete physical CPUs. XP can tell the difference, and will schedule tasks accordingly.
Athlons are more responsive than P4s even in heavy multitasking situations, and Athlon64s even more so.
However, you get that responsiveness at a serious performance penalty. I've expereinced it myself w/ my AXP. Duvie did quite a few heavy multitasking benchmarks in the CPU section. A P4 with HT can do bandwidth-hogging tasks, like encoding video, and do just about any other heavy task at the same time, and both tasks perform reasonably well. Not like if you only ran one, but you don't get 50% performance on both, typically from 50-75% normal performance. On an Athlon, you'd egt 50% of both at best, but often less than that on both tasks.
So, if you want to push your machine to the limit, but don't want to spend the cash for a dually, a P4C is the answer.
If you want to click on something and get the action taken care of RIGHT THEN AND THERE, no matter what else is going on, get an Athlon64.