It might be good, it really depends on how it is used and how much it costs. They compare it to a last generation 285 (the 385 should be out shortly with much more competitive numbers much like the 5870 blew away all the last gen processors when it came out) and it does a bit better, yes, but not really that much better.
I expect that the Larrabee will be matched roughly by the high end of Nvidia's next gen GPUs. Additionally they are comparing a theoretical pull out all the stops prototype with an actual consumer product that has price constraints (in the case of the 285 around 300 dollars). I'd like to see how a production 300 dollar Larrabee model does on benchmarks, I bet it would be nowhere near as high.
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