AMD vs Intel Processors

I know this has the potential to turn into a flame war, but I'm not here to simply ask which is better.

I'm interested in building a new computer and considering trying different processors.  I'm pretty much an Intel person, but thinking about AMD.  My main question though is relating to the operating frequency (GHz)

Right now, I have an Intel Pentium 4 that is 3.0 GHz.  Looking at a comparable AMD chip is, for example, only like 1.8 - 2.+ GHz.  Now to me, this seems like a step back.  Isn't the higher frequency (GHz) more desireable?  How could an AMD possibly be faster?

As a rule of thumb, AMD processors are "better" than Intel processors. The large exception to this rule is that Intel occasionally does bizarre things with their chips.

For example, the 2.4ghz 800mhz fsb processor and the 3.0ghz 1ghz fsb Northwood processors are the *same chip*. The reason for that is that it actually cost Intel less overall to manufacture twice as many of the better chip and break its legs to sell to the "average joe" customer at a lower price than it would have cost to set up an additional production facility to handle a lower quality chip. Hence, the 2.4ghz Northwood can be overclocked 25% on stock cooling for a massive performance increase, all for about $40 last I checked.

So if you find a good Intel,m go for it.