Intel generally does better in apps that need pure clockspeed for completion. As far as I know, that only includes video/audio encoding/decoding.
The next generation of Intel processors (Merom, Conroe, and Woodcrest) will sacrifice clockspeeds for performance and heat/voltage conservation. The pipeline in the new processors will have 14 stages, as opposed to the ridiculous 32 or so that the current Netburst architecture has right now.
As far as I know, the highest clockspeed planned for the Conroe (at release) is 2.2GHz, but remember, all Conroes are Dual Core processors. Still, that does nothing to match AMD's Dual Core offerings, which go up to 2.6GHz (I doubt the top-of-the-line Conroe will be cheap).
The new architecture (which I still don't know the name of) has lower clockspeeds, comparable to AMD's K8 architecutre clockspeeds. Infact, the new procs are better per Hertz than AMDs. Just slightly though, a 1.9GHz Conroe = 2.0GHz Athlon 64 X2.
Again: All the new Intel processors will be Dual Cores. No more single cores from Intel.
No idea when these are coming out.
Go AMD