The Intel core was designed to be scaleable beyond 10Ghz, so it's not at it's best down at the 2Ghz level. They were thinking long term when they designed it.
Think of it in terms of a 12 cylinder car engine working on only 4 cylinders, it wouldn't compare well against a purpose designed 4 cylinder engine, but when it's fully running....
The P5, to be introduced in various speeds starting in early 2005 is known as the Tejas. Speed will start at 4.5Ghz and move up to 9Ghz by the end of the year. Die size is 90nm, Bus speed is 1066Mhz.
The version to be introduced in 2006 is the Nehalem, based on a .65nm die and a 1200Mhz bus, with rumours of a 4Ghz bus version. The starting speed will be 9.6Ghz with 10Ghz+ versions to follow shortly thereafter.
Stick with the AMD for now, it's the best price/design for the current average CPU performance. But I'll be watching with interest to see what AMD can produce to match them.