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Neither one is arbitrarily better. Also, the Athlon 64s, and the 64-FX in particular, are damn expensive.
All that matters is which one is better within your budget.
If I was going to build a good gaming machine and wanted to do it in the $800-900 range, I'd go AMD, because it's cheaper for the same performance in this price range.
If I was going for something close to $2000, I'd go Intel. Why? Because the higher-end Athlon XP's get outperformed by the P4s, and the Athlon 64's are two expensive (as well as forcing you to either use registered memory or give up Dual Channel DDR), Intel is the better deal in this price range.
If you're going for the best performance regardless of price, the Athlon 64-FX 51 is the way to go, but this may all change in a couple of months when Intel's Prescott comes out, or it may not. The Socket 939 Athlon 64's should be out then, and we'll see how much being on a 90nm process affects performance.
So, in short, AMD is not always better or cheaper.
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