My current machine is a single core 3GHz pentium something, about 4 or 5 years old. I'm wondering how a dual core Intel i3 550 with hyperthreading would compare with an AMD phenom II X4 quad core. e.g. with the i3, if one core is used for compiling and the other core for other tasks so the machine is still responsive, it might not be much faster than a single core machine.
Processing only one thread, which gives no advantage to a multi-core processor, an i3 550 is
at least twice as fast as a 3 GHz Pentium4. So no matter what, you will have a machine that is going to significantly cut your compile times.
Bench isn't old enough to have many Pentium4 CPUs in it. This is a 3.6 GHz P4 vs. an i3 540:
http://www.anandtech.com/bench/Product/143?vs=92
Check the cinebench single threaded benchmark, the i3 is almost twice as fast when you cripple it down to only using one thread. Take 20% speed from the 3.6 GHz P4 and add 5% to the i3 for a 550 model, and you're well over double the speed. Consider that with Hyperthreading you have 4 threads available, and you're looking at compile times of 1/4th or less of what you have now and still retaining some responsiveness.
Here's a compare on a Phenom x4 955 vs an i3-540.
http://www.anandtech.com/bench/Product/143?vs=88
You can see the i3 usually loses, however if you remove one thread to retain system responsiveness, the i3 gives up less than the Phenom will. I expect they'll be pretty close at 3 threads.
I do more stuff that only uses 1-2 cores, so I chose the i3. In your case the Phenom might be better, but
either choice will cut your compile times dramatically.