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Sun has had a chip with 8 cores that can run 64 threads at a time for over a year. You can get a nice system with 4 of of these chips for $130,000.

Intel is just trying to catch up on the high end. I would expect them to only be at about 64 in 2010, unless they drastically shrink some of the pipeling and multipath execution that each core does, so that a single threaded task would be noticible slower but overall system performance would be higher.