everyone at one point or another asks that question.
P4 was designed for high clock speeds (cause hey - what sounds faster, an AMD at 1400 or a P4 at 1800?) where as AMD didnt bother so much, Intel's trade off for high clock speeds is that it does less per cycle then AMD, so that 3.8ghz is less efficent, where as an AMD at 2600 does more per clock cycle and is more efficent clock per clock (more performance per mhz).
Also there are the delays - pipeline length, P4's are like 30+ stages long (takes longer for data to get from A to B) where as AMD's are like 12? Long pipelines also mean higher clock speeds.
Intel ran with the clock speeds for years but now it caught up to em - the heat at high speeds gets worse and the lower clock speeds of the AMD paid off.
Correct me if i am wrong.