Facts:
1-Core i5 @ 2.66GHz WITHOUT Turbo Boost is slightly better than Phenom II 965.
2-Core i5 @ 2.66GHz WITH Turbo Boost is better than Phenom II 965.
3-Core i5 is currently 50 bucks cheaper than PII 965.
4-LGA 1156 mobos are sold at as low as $100.
5-I am AMD biased, yet I admit i5 is a better CPU than PII and am even considering it for a future build.
Conclusions:
1-Core i5 was meant to be used with Turbo Boost.
2-Intel does not guarantee that each processor's thermal dissipation, etc will give enough headroom for the highest Turbo Boost bins, but the feature works well.
3-So, if you just say Turbo Boost is overclocking, then you should compare it to a Phenom II @ 2.66GHz, and disable 2MBs of Core i5's L3 cache and Turbo Boost. However, benchmarks just reflect what consumers get for their money, which leads to:
4-CPUs are benchmarked at their stock setting, and each one may have its own "tricks" to earn some more points.
5-Even though Turbo Boost is implemented, Nehalem is inevitably a superior architecture.
6-We'll have to wait till AMD adjusts its prices, since there is no way the 965 priced at $250 can be a better deal than $210.
7-AMD fanboys (I AM a fanboy) get this straight: AMD won't reward you for your efforts to defend it. AMD is a company which does not care for your feelings, and is not a person who everyone is attacking.
8-Everyone: fanboyism just leads to pointless flaming. Just make an unbiased balance on price/performance and your current needs, and get the product you think is more suitable. And mind you, everyone, AMD has to exist. A clear evidence of lack of competition is the ridiculously high prices of Core i7 870, 950, 975 for just barely 10% performance benefits.