I bat for the side that most of us should do. I'll side with any company that provides me with quality and stability at a low price when I want it.
AMD did it for me around months back. Got my 1700+ and currently about to stress test it at 215 x 10. Id honestly say that I havent looked at Intel prices here in the UK but I know that I could shove together a nice Barton 2500+ system for a reasonable price and Id be happy.
I have no desire to follow AMD into the 64 Bit market at the minute. They are producing a chip that is 'roughly' equal to its Intel competition in 32 Bit applications and as far as I can see, there arent enough programs accessing the 64 Bit side of the AMD proc to justify one for myself. As with any processor, unless you are very good and very lucky, the perfect chip wont come out first time. Look at a Palomino compared to the latest Thoroughbreds. 1.75V Vs. 1.45V? 0.18 micron Vs. 0.13 micron? It took AMD quite a while to mature its XP.... If Intel's EE produces a gap in performance over the P4 C that is worth considering, then AMD might struggle with an immature chipset and an immature chip.
Intel are just looking over their shoulder. Unless a miracle (or disaster) happens, AMD will pose a threat but not be life threatening to Intel in the near future IMO. AMD has started itself on the journey of 1000 miles, and they started off on the right foot. Problem is, they are carrying the dead weight of 64 Bit computing until it gets off the ground.