Actually, if they turned this into a desktop CPU, they'd improve on the memory system and further increase performance. Add 64-bit extensions and dual-core setups in 2005, with 2+Ghz, and you've got one hell of a chip. So it all depends on what AMD will have churned out by then, too.
<i><font color=red>You never change the existing reality by fighting it. Instead, create a new model that makes the old one obsolete</font color=red> - Buckminster Fuller </i>
This new core looks good for Intel future. But until these chip get to the desktop, AMD will have 90nm process and probably some other tweak/tricks. 2005 will be a very good year for CPU innovation.
I think that by 2006 mainstream CPU will be DUAL-CARE and 64bit compatible. And I'm pretty sure game studios already work on multi-processor 3D engine. Gaming it's what push mainstream CPU performance.
Lookin' to fill that <font color=blue>GOD</font color=blue> shape hole!