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People will never run software that has been compiled only on the latest, most optimized compilers, nor the oldest, least optimized. It seems that SPEC has chosen compilers which will represent the medium of the most common compilers that most users will encounter.
At worst, this spec benchmark is heavily biased to the same degree that the infamous photoshop benchmarks have been, so it ought to cancel out =) >>
Spec doesnt choose what compiler is use, you can use any compiler as long as it retains the original code characteristics. Manufacturers typically update their Spec results constantly as Compilers improve. Remember the hoopla paid to Sun's Forte because it boosted performance in a specific sub bench so drastically as to equate to years worth of microprocessor architectural innovation.
My point is that Spec is a platform benchmark that is intended as much for a test of the compilers capabilities as of the actual memory hierarchy and processor, and to a lessser degree the motherboard.
You pair the P4 with a compiler as unsuited for it as the compiler used in this test is for the G4 and you'll see equally bad benchmarks.
I can easily point out sites wherein you can find a PIII 1GHz as destroying an AthlonXP 2000+ and the like simply because of a different compiler.
It shoud most definitely NOT be taken as an indication of real world desktop performance. Spec bears no relation to desktop application performance.