Check my sig, you can guess what I recommend
Plus comparing 2600XP and a P4 2.6, you forgot about price.
For the cost of P4 2.6 533Mhz you can get an 3200XP (400fsb) and still have change left over. Now try comparing the performance!
Or a P4 2.6 800 costs the same as an Athlon 64 2800, AMD still wins!.
So yup you can compare straight clockspeed/rating or more reastically compare the cost of a P4 vs Athlon and see how much more you get with an AMD.
An example would be the top end P4 3.4 800 2Mb EE (Emergency Edition) CPU against top end Athlon 64 FX 53. Not only is the FX53 approx $230 CHEAPER, in ALL gaming benchamrks it totally annihalates the P4.
My advice Meatwad is take whatever money you were thinking of getting a P4 with and get the same/slightly less priced Athlon, be it a 3200XP (400FSB) or a Athlon 64 2800.
P.S. after poo-pooing the Athlon 64 when it was 1st launched, Intel are now going to release their own (inferior by all I've read) 32/64 bit CPU.