The P4 3.2 will crush the fastest Athlon XP, no doubt.
It comes with big doubt, at least for me, why Intel still keeps the Celeron at 128 cache and 400 FSB. A Celeron with let's say 256 cache and 533 FSB wouldn't threat the new 800 FSB P4's at all, but would provide for some usable low-end CPU's. Right now AMD has the clear upper hand on the low-end sector. This could change if Intel introduced 256 cache/512 FSB Celeron's at the same low price they have now.
My system: AMD Athlon XP 3000+ CPU / TwinMOS 1Gb DDR400 / Soltek 75FRN-RL /
Sapphire Radeon 9800 Pro / Antec True Power 550W / Maxtor 80Gb ATA-133 / Hercules GTXP SC /
Samsung DVD / Lite-On CDRW