With specialized 64bit software and a 64bit OS like Win2kpro-64/XP or Linux64bit (which always seems to be the deal with any new Intel CPU), an 800Mhz Itanium will run circles around a 1.7Ghz P4.
Like RISC processors the Itanium does a good job of executing multiple instructions in a single clock cycle. P4 and T-Birds are still lacking a bit in that area. Also being 64bit it can do "bigger" computations that 32 bit in a single cycle. To be able to this you need specialized software. Server and workstation stuff.
It's a high end CPU focussed at a different market than PC's so I wont worry about it for the next your or so. It will probably take a few years for IA 64 technology to become relavent in the PC space.
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