There isn't nearly enough information here to answer this question adequately.
If you're running a mostly CPU-bound application, it's possible to extract nearly (emphasis on nearly) full performance from a dual-CPU system. Distributed computing applications like RC5DES are a good example, although there are more realistic examples of programs that make good use of dual CPUs.
Cinebench, which is based on a real-world application by the same company, was able to hit 80% efficiency on my dual-Athlon on a 760MPX motherboard. I'm not very familiar with modern Xeon architectures, but on the Athlon each processor had a direct link to the chipset. Back in the P3 days, each processor shared the bus to the chipset. IMO, this is where the 50% came from.
Assuming dual Xeons have a link for each processor to the chipset, their efficiency should be similar.
Cliffs notes: All things being equal, you would need a 3.2GHz P4 to equal (2) 2GHz Xeons in Cinebench. Some tasks may yield higher performance. Some will yield lower. If you're multitasking, you'll see a bigger benefit from SMP. Just like you do from HT.