Hyper Threading uses any empty stages of the processors pipeline that are not currently in use to simulate a second processor. The reason why the Prescott (31 stages) is more efficent at Hyper Threading than a Northwood (20 stages) is because it has more pipeline stages. (Correct me if I am wrong about this whole thing)
Your processor is in reality closer to 100% load than 50%. Install Prime95 in two seperate directorys, run one, check your max CPU temp. Then fire up the second Prime95, check your max CPU temp. You will find that the max CPU temp will increase slighty, maybe ~3-5c.