You probably don't need to upgrade like everyone mentions, BUT if its free then why not !
As for the Epox mobo, I don't have any experiance with that brand. I only use Intel or Asus mobo's.
But to answer your original question, a P4-1.6 is definitally faster than duel P3-550's. When you run duals/quads processors
you also have addl. operating system overhead to deal with. Only when your software applications ie. Oracle etc.
support dual processors do you see the benefit of a dual system.
As far the onboard raid (ide) , it's a software raid implementation, not in the same league as a hardware raid controller.
ie Mylex AccelleRaid 170lp etc.
So if your running a software raid0 already, then a faster processor should show some benefit, but now as much as a true
hardware raid controller.
Go ahead and get the new mobo w/ the 1.6 & at least 512mb of ram pref. (pc2700ddr).
But remember adding 2 addl. 120 wd drives along w/ a 4 channel 3Ware ide raid5 controller would show the largest improvement.
Good luck,
Regards,
Jose