Processor (Xeon MP 3.50+/Itanium 2 1.6) Core (Potomac/Madison 9M) Speed (3.50GHz/1.60GHz) L2 Cache (1MB/256KB) L3 Cache (8MB/9MB) FSB (667MHz/400MHz) Launch Date (Q2'05/Q4'04)
More here.
I have a feeling that the Xeons are going to kill the Itaniums this time. Although they have a lower IPC, they only have 1MB less of L3 Cache. And they have 4X the L2 Cache and 267MHz more FSB. It also has 300MHz more than 2X the GHz of the Itanium. Itanium can finally be dethroned.

As for how AMD will compete with this, Opterons running at 2.8GHz with their own memory controllers and that use 50W each sounds 10X better. But for those die-hard Intel fans, you can finally celebrate the victory of the Xeons over the Itaniums.

Good luck Intel. Keep AMD from getting their prices too high.

(I don't like spending over $100 for a 64-Bit CPU. AMD really needs a huge price drop.)