Intel core i7 –vs- Xeon E5500 –vs- dual Xeon E5500

APPROXIMATE PURCHASE DATE: very soon
BUDGET RANGE: US$3000 - $4500

SYSTEM USAGE FROM MOST TO LEAST IMPORTANT: Linux cross compiling embedded systems, VM windows session
PARTS NOT REQUIRED: CPU

PARTS PREFERENCES: Intel core i7 –vs- Xeon E5500 –vs- dual Xeon E5500

OVERCLOCKING: No SLI OR CROSSFIRE: No

MONITOR RESOLUTION: 1920x1080

My job involves linux development and cross compiling embedded linux systems. Additionally, I need a windows VM session to use MS Office apps and outlook. I’d like to know opinions on a 3.2 GHz core i7 –vs- a single mid range Xeon like the E5520 –vs- two Xeon E5520s. I’m assuming that since the core i7 –vs- a single E5520 running at 2.26 GHz is going to be much faster for the compiles. Would having two slower Xeons be faster than a single fast core i7 for doing the compiles?
Thanks.