I have sometimes looked at it with the analogy of an engine and a transmission....intel has the better engine but AMD has a higher gear ratio
so the intel engine has to run at 7500 rpms to get what the AMD gets at say, 5500 rpms.
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basically the way the chips are made...the AMD "does more work per cpu cycle".....so the intel has to run faster to do the same work.
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the intel is like a drag racer...it goes great in a straight line (cuz of the long "pipeline") but the AMD is more agile in the corners like an indy car..it can switch directions a lot better.
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or you can look at it like an assembly line...the intel assembly line (pipeline) is longer...so when you stay one on "run" you can really get it rolling...but then when you have to "re-tool" to make another product (say, when you close solitaire and open word)...the AMD can "re-tool" quicker cuz the assembly line is shorter.
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here are some great tech articles if you want to do some reading
http://arstechnica.com/cpu/index.html
JP