If you are talking about the tradeoffs between a fast uniprocessor CPU, and a pair of slightly-slower processors in an SMP config - for gaming, all other things being equal, the single CPU should be faster than the pair. Even if they were the same speed, the bus contention between running two CPUs (in an Intel DP config), would make them slightly slower, as would enabling HT on a single-CPU system in many cases, with respect to games.
Now, if you are talking about boards with un-equal hardware, that's something different. Having multiple PCI-X, PCIe busses, onboard workstation/server-quality GigE (with low CPU utilization numbers), etc., those can all lessen the system I/O load, and make it more efficient for the task at hand, which can include games. An onboard PCI-X 64-bit U160 SCSI controller, with a pair of fast 15K RPM drives, is going to most likely be faster than even a WD Raptor setup for gaming.
Also, there is a tradeoff in the RAM, often SMP systems are server boards that require (not always) ECC registered RAM. So they might clock slower, but generally those types of boards allow you to stuff more RAM onto the board in total.
So if you plan to FSB overclock, then a workstation/SMP board is a bad idea, usually because of all of the onboard I/O 'goodies'. However, if you plan to stuff it as full of RAM as possible, then it could be a good idea. Also, if you host multi-player games, and especially if you play on the system system in those games, then an SMP system with plenty of RAM could be quite valuable, as you could run your client on one CPU, while running the server on the other, and get the lowest lag possible.
But other than those possibilities, I wouldn't recommend it. It's usually cheaper to get a stripped-down but fast "enthusiast" uniproc. mobo, add the appropriate components, add decent cooling and a decent PSU, and tweak the living heck out of it, including FSB tweaks. For the same amount that you might spend on a decent SMP workstation board, you could have a much faster single-proc "gaming rig".