Heck no, thats why the core 2 quads are so much cash still, they are clock for clock faster than the AMD phemon II's
http://www.anandtech.com/bench/Product/49?vs=80
It's true that they are slightly faster clock for clock with the 8MB and 12MB quads, I'd say the 6MB and 4MB quads are roughly equal.
The reason they're still $$$ doesn't have anything to do with performance though. The $90 PhII 940BE (3ghz) is notably faster for example than the $170 Q8400 which is still available. The reason they're still $$$ is Intel policy. Hell the Q9550 is still $275 at newegg, and it gets smoked by the ~$200 i5 Lynnfield 750/760 quads. Once a product goes EOL Intel just locks the price, eases off production, and forgets about it, regardless of price competitiveness. The fact remains that a lot of folks still break down and pay the premium just for the convenience (or if in the case of a business, then sometimes company policy on upgrading an existing unit with a lot of $$$ software already installed and running) of not having to get a new mobo, ram, probable windows reload, etc, etc. This same principle applies to AMD chips as well. The top AM2 chips (for those without AM2+ capable boards), and especially the top Socket 939 duals still command ridiculous $$ when you consider better new processors are available for a fraction of the cost. The S939 X2 4800+ is a prime example, used specimens sell frequently for $150-$180, when a brand-new Propus quad of vastly increased performance is about half that.
Techies like most of the AT forum members could buy a mobo/cpu/ram for the price of the Q9550 alone and get better performance than stock by far with proper OC/tuning.