If you read about SPEC, they try to model certain applications as well as possible:
SpecInt is supposed to emulate work on the desktop (which is mostly integer based, except for some image filters etc.)
SpecFP is supposed to show how well scientific, floating point heavy, software runs.
It's as realistic as a benchmark can get, but yes, it is still a benchmark, so somewhat theoretical.
Andreasl:
Intel has the money (which it drags out of the nose of the consumers) to create very efficient compilers. This is why the P3 was able to surpass the Athlon, especially in the SpecFP, where some SSE commands were used for optimization. I think the latest SPECs for the AthlonXP restore the balance once more - especially and even when compiled with the Intel compiler. For your claim that hardware people do not like SPEC anymore I would like to see a link.
What SPEC does is benchmark the combo: Compiler+CPU+memory+motherboard, with the emphasis on the first 3.
It's really interesting if you read into it.