The SATA II is 33 Percent more expensive then the IDE drive you listed. Not comparable. But I suppose this comes to the point where opinion kicks in, so lets not argue that.
A P3 beats a comparable P4 because Intel goofed. The traded off effiecieny in the newer CPU for the ability to go to higher speeds. Kinda ike how many 4 cyclinder cars have extremely good gas milage, but they hit a speed wall very fast (This is not true all the time, but bear with me here). Its kinda like why a 2 GHz AMD can compete with a 3 GHz Pentium 4.
And even though I dont think the prices are comparable in the drives, I say bust out the extra money for a SATA II hard drive. Come on, its 25 bucks... thats a days worth of food. You can go without food for a day, CAN'T YOU?
*not sarcastic*