Okay, I definitely hadn't looked up for enough information concerning the Phenom II.
From what I've found, the Phenom II 940 Black Edition is doing quite good for its price, but the Core i7 920 is still a better bargain (assuming both processors are stock). This is would be a killer for the 940 BE, for the i7 920 shows better performance, for a price that's not so higher. However, it doesn't end there. The 940 BE is by default running at 3.0Ghz clock speed, but it is apparently very easy to overclock and the clock speed can be increased to 3.7Ghz with a custom heatsink and higher voltage. On benchmarks, the default 940 BE will not do better than the i7 920, but if you clock it to 3.7Ghz, the performances will be better, making it an obviously better deal.
Now, I need to consider a few things. The mobos for the Core i7 processors are quite expensive, because they need the new LGA1366 socket. On the other hand, the Phenom IIs can run on AM2+ socketed mobos, which are much more conventional and cheaper to buy. This, however, could change. The Phenom IIs, while AM2+ compatible, can also run on mobos equipped with the new AM3 socket, which integrates the use of DDR3 memory. In the long run, I could be better off with an AM3 mobo/cpu and stack up DDR3 memory (presumably on Win 7). This would definitely last longer than an AM2+ mobo/cpu combo. The question is, though, would it be better than the Core i7 920?
Let me assume for a minute that the two processors, with the 940 BE overclocked, have pretty much the same performances. To make things as similar as possible, here's what I could do:
With a quick search on tigerdirect, I can easily find parts which are basically equivalent LGA1366 and AM3. Then, the only difference would be the price. Let's see how it adds up. Prices are in Canadian Dollars.
AMD CPU / AM3 Socket Mobo- Asus M4A79T Deluxe Motherboard: 303.99$
- AMD Phenom II X4 940 Black Edition CPU: 309.99$
- Zalman CPU Cooler (to overclock): 110.99$
Intel CPU / LGA1316 Socket Mobo
- Asus P6T Motherboard: 358.99$
- Intel Core i7 920 CPU: 379.99$
AMD Total: 724.97$
Intel Total: 738.98$
So for similar performance combos, the price is basically the same. Well, this isn't really any clearer now
Edit: Actually, the performance for the 940 BE overclocked to 3.7ghz (with custom heatsink) is actually greater than the i7 920's. To make things even more similar performance wise, you'd probably only need to overclock the 940 BE to 3.4ghz or so, at which point it would not require a custom heatsink, the default one being enough (you don't need to increase the voltage either). That would cut the price on the AMD bundle by 110.99. Speaking of the fan, I used the most expensive AM3 compatible fan I could find on tigerdirect. There was actually one available at 52$.
If all of that is true, and the performance of the OC 940 BE are greater or equal to those of the i7 920, then the best bargain is definitely the AMD.