Back on topic, even though the Phenom doesn't stand a chance against the Core i7 in most tasks except File Encryption, in games the Phenom is exceptional, it can outperform quite easily it's C2Q siblings thanks to it's architecture and IMC improvements and can get past i7 specially when overclocked, you can argue that i7 overclocks too, but i7 doesn't react exactly the same as the Phenom when overclocked, both are different architectures, but I would give the edge to the i7 when SLI/Crossfire is used, and Phenom II when single GPU configurations are used.
I'm not even sure what all the CPU hype is about. In test after test we see again and again that CPU does almost nothing to improve gaming performance. The only people who should even care about new processors are people doing things like video encoding or Photoshop.
Case in point:
Anandtech tests various gaming systems.
(I'm looking at the single card configurations since I'll probably never buy SLI or Crossfire)
COD5: stock Phenom II 720 and i7 920 get the same frame rate at high res
Crysis Warhead: Phenom II 720 and i7 920 get the same frame rate at high res
Fary Cry 2: i7 920 is roughly 10% faster than Phenom II 720
Left 4 Dead: i7 is about 6% faster than Phenom II 720
Grid: same frame rate
Company of Heroes: same frame rate
Then Anandtech's conclusion at the end of the article:
The question we wanted to answer in this article, ?Is the Phenom II X3 720BE an alternative to the Phenom II X4 940 for a mid-range gaming system featuring CrossFireX?? We have to enthusiastically answer with ?Yes!? to that question based on our experiences with the games we tested today and several others offline.
Alright so AMD has new chips on the way. Um ok. I guess that's nice if you use Photoshop. For the rest of us, this doesn't really mean anything. I actually do a lot of Xvid encoding and I would see much faster encoding with a better processor, but I still don't care about this because I can set it to queue up 10 movies to Xvid encode and it will do them while I'm sleeping or run it in the background when I'm reading Anandtech.