First off, you must consider the system as a whole, not just the processor.
If the processor were the only factor in benchmarks, the TBird should have handily beaten PIII .... it of course did not. TBird took some while PIII took others. The reason was the chipset and memory. PIII with RAMBUS gave PIII a much better memory subsystem that TBird with PC100. Once the KT133 was released, the picture changed somewhat, but still the Intel i815 dominated the VIA chipsets in memory performance.
PIII vs. TBird (Q1 2001)
Paired with DDR memory, TBird will distroy a PIII with DDR since TBird will have twice the FSB bandwidth to handle the memory with.
P4 vs. Mustang (Q1 2001)
Since the only memory platform P4 will allow will be RAMBUS, Mustang will have a major advantage. At the elevated frequencies of 1.5Ghz and higher, L1 and L2 cache misses will become a much larger piece of the performance pie. Mustang will have an enhanced cache scheme to help it out here along with double the amount of L2 cache as P4. Even if even odds are given to both processors Cache searches, Mustang will have better performance since it has 2 times the probability of finding information in Cache. To further degrade P4 performance, a cache miss is confounded by the very long latency of the RAMBUS memory while Mustang's DDR memory should lower the latency compared to TBird's PC133 subsystem.
With P4's "hyperpiplined" architecture (20 stages) and the RAMBUS memory subsystem, a branch mis-prediction is a catastrophy for the performance. Not only does the processor have to waste the 20 cycles it took to determine a problem existed, it has to flush and refill. This flush and re-fill will vastly increase the afore mentioned cache miss. All the way around this spells low instruction per clock (IPC).
The Mustang and its variants are going to rule the roost up to H2 of next year. P4 will NEED to be at 2Ghz in order to perform on par with a 1.5Ghz Mustang.
All of this will be a mute point for this year. AMD will be shipping Mustang for Christmas in volume at speeds of 1.3Ghz and perhaps even more. Intel will be shipping samples of P4 to hardware review sites. It would be an interesting sell at Best Buy where you paid more for a Dell 1Ghz than a 1.3Ghz Compaq. Q4 is going to be disasterous for Intel.
All is not gloom and doom for Intel. The P4 should be able to clock quite well. They have everyone convinced that they will ramp to 2Ghz by H2. Reguardless of the IPC the P4 achieves, clock speed still sells.
Case in point .... have you ever purchased anything for $10.01? No? More likely you paid $9.99 because the numbers look so much better.
P4 vs. Mustang isn't going to be about IPC (Instructions Per Clock), it is going to be about CLOCK PERIOD.
The better question would be which processor will clock higher!
Mustang will smash P4 on a clock per clock basis.