Yeah, I just looked at some benches on SharkyExtreme, and I must say that I agree with you.
However, this P4 3.4 that I just got is a whole lot faster than my A64 3200+ rig. Yes, it has new components, but it was the CPU power that got me. It's a lot faster than the 3200+ in my other PC, and it's not just the 200mhz boost.