Originally posted by: JonB
I'd have to ask what you mean by multi-tasking? If you mean, can it run two or three background processes and a foreground process and coordinate the CPU time so all process get completed efficiently, then it may be equal. If you want to know if it can do all that and then distribute the load across multiple cores, then only the hyperthreaded P4 can do it because the normal A64 is single core. Pre-emptive multi-tasking is handled by the OS (Windows or Linux, etc...) and the CPU and the mobo chipset. 
My A64 has no problem multi-tasking, so it must be the best, right? 
 
You will find many P4 HT owners who disable hyper-threading for some games because it can slow them down. That's not the processor's fault but the coding of the game related to threading. It would need a re-write and re-compile and all should be good.
Some programs will naturally and efficiently spread their threads across a Dual or Quad processor system. Some don't. That is a software and/or motherboard chipset problem, not the CPU.
When it comes right down to it, your question probably doesn't have a solid answer. 
If you want to really see multi-tasking at work, put together a Web Server and then use some benchmaking program on some connected computers to simulate normal web activity. Try to get the server to about 50% CPU load, then fire up a game or Photoshop or Quicken or "something" on that server and see if it can efficiently use the remaining 50% CPU time without slowing down the webserver in the background.