Prescott has 2x larger and 2x slower L1 cache, 2x larger and 2.5x slower L2 cache, has more than 2x the amount of transistors, has Enhanced SpeedStep & Thermal Monitor 2 implemented (but not yet enabled - ask Intel why), it's pipeline is about 1.5x longer (means lower performance), has hardware bit rotation and other smaller not that important enhancements to architecture like SSE3 instructions that only 0.00001% of applications use.
Prescott has also much higher power dissipation:
Northwood = 101W max.
Prescott up to 3.2 GHz = 100W
Prescott 3.4 GHz and some series of 3.2 GHz for s478 = 115W
Prescott 3.6 GHz and 3.4 GHz for LGA775 = 151W
And Prescott has about twice the power consumption in idle due to serious leakage problems. If you want advice then I say go Northwood - it is very old now but still better.