p31 and g31, are basically the 946gz with 1333 bus support and a die shrink (p31 has graphics disabled, and they both use about 10 watts less power than 946gz) and ddr2-800 support.
oddly the chipset page on intel's site says it only does 1066 bus. but if you look at intel branded boards like the dg31pr it says it officially supports 1333 bus.
it was the same with the 946gz , it said chipset support 800mhz, but all the intel branded retail boards supported 1066bus (i happen to have both an intel g31 and 946gz retail board at home).
performance wise the p31 should be just as fast as 965 or p35 chipsets. they boards using them are not really enthusiast boards so they dont really o/c all that well. i guess the other drawbacks if you need them are, p31 boards only have 2 dimms, and ich7 can only have 4 sata instead of 6. unless you are a huge power user, i dont think its a big deal since you can still get 4gb of ram with 2 dimms and 4 sata is probably enough for 99.8% of people.