It depends on the application.
Doom 3 and 3DMark01 are both very cruel to the P4/PD.
In those benchmarks, my DDR-equipped Pentium III-S at 1575MHz runs just as fast (or, in the case of Doom3, faster) than my 2.4/400FSB Northwood, and it runs circles around any Willamette. We're talking 49.3 fps on the PIII vs 46 fps on the 2.4A (or 30.2 fps on a 1.8 Willamette). When paired with a much more common SDRAM-based motherboard, the PIII-S slows down to a still decent 41.5 fps.
However, the DOSBox 0.74 CPU Benchmark (in the DOSBox General forum) seems to favor Netburst over PIII. In that particular test, my 3.06GHz Prescott is actually faster per MHz than the PIII-S, achieving over twice the frame rate!* I'm no DOSBox expert, but that's gotta be using at least SSE2.
Then, you've got applications like Chrome, which refuse to even start on the PIII. So yeah, it really depends on how you'll be using the processors.
*however, that P4 gets whipped by a 1.8GHz C2D. And that's just a single-threaded benchmark; the second core on the C2D is going completely unused. 🙄
94 MHz NEC VR4300 | SGI Reality CoPro | 8MB RDRAM | Each game gets its own SSD - nooice!