i7 CPU's are built on a more efficient architecture as compared to the Phenom II.. As such, in most cases, an i7 will have a faster performance as compared to the Phenom II for the same clock speed..
As for physical vs physical + virtual, it'll be easier if we discuss this on a thread prospect.. The i7 930 can process 8 threads with hyper-threading.. The Phenom II X6 1055T can compute 6 threads.. Thus, an application which can bank on all the thread count available will usually run faster on the i7 (3DS Max for example)..