At the lower to mid end, assuming you don't overclock, they are fairly equal, although AMD is better for multi threaded apps because you get more cores for your money, while Intel gives you more speed but less true cores. All depends on the apps really.
Once you get to the $300+, AMD can't compete because they don't really have anything in that price range.
If you overclock, Intel is probably the better bet assuming you get a 4 core, 4 thread CPU or better. If you are looking at a $100 CPU and want to overclock then probably go AMD since Intel only offers dual core CPUs at that price AFAIK.
What you have to remember at the end of the day is that Intel and AMD are competing with each other, which means AMD can't afford to price itself out of the market by offering poor pricing, so you end up with 2 companies offering similar value products at stock clocks, but with different benefits and drawbacks, mainly in terms of the number of cores (AMD), and the ability for those cores to dynamically change clockspeed (Intel).