Socket 423 are the origional P4s and are larger, hotter, and cannot exceed 2.0 GHz, i.e. the motherboards can ONLY support socket 423s which limits upgradability to a max of 2.0 GHz. Socket 478 is the new design at least in terms of size/heat but not significant performance over 423s RIGHT NOW, the new Nortwoods, built on 0.13 micron with 512K on die cache should show significant gains in performance and will be scalable in the 2.0+ GHz range which means if you buy a socket 478 motherboard you MAY be able to easily upgrade to MUCH BETTER chips.
The biggest reason for the price disparity is that socket 478s are in short supply, and Intel and suppliers want to get rid of 423s as they are effectivley a 'dead stick' in terms of upgradeability.
if you want to save yourself some hassle and the risk of not being able to upgrade, try out an AMD.