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http://www.techpowerup.com/73680/Core_i7_940_Review_Shows_SMT_and_Tri-Channel_Memory_Let-down.html

...and their new SMT (Hyperthreading) and tri-channel memory show no benefit on desktop applications. A Chinese site tested Intel's upcoming Nehalem CPUs on games and found most games showed no performance improvement over their current CPUs. The 2.93GHz Nehalem (Core i7 940), which will be the highest grade of CPU on the desktop in Q1 2009, is about equal to the current top-of-the-line 3.2GHz Penryn (Core 2 Extreme QX9770).

Also, Nehalem will not be availible for the average desktop (sub-$200 prices) until at least 2010 according to this and this. Intel won't have a desktop part in the mainstream price range that's better than now until that time.

This means that AMD has a chance. Their Shanghai chips promise 20% Clock-for-clock improvement and clockspeeds of up to 3.0GHz at launch, which should be able to compete in the mainstream market against Penryn and some low-clocked Nehalems. AMD's Fusion (CPU+GPU in one package) is coming in 2010, and according to this Intel's solution is coming in 2010 too - except that AMD's 3D performance is far superior and will only be better by that time. I thought AMD was doomed and we would have an Intel monopoly, but with the fab spin-off news, and these results, AMD could even be competitive through 2010 which gives them time to launch a new architecture if they can (Bulldozer?)

The main result for PC gamers in the short term is that new Intel CPUs will not offer much better game performance.