Didn't look into new CPUs so I might be wrong but i7 920 tend to be cheap and rather powerful especially after OC.
I'm not sure why that's surprising. Intel is performance. AMD is budget. It's been this way for a few years.
The i5 2500K costs 41.5% more and performs 29.3% better than the PII x4 965. Like any product, it's paying a premium to get more. If you factor in overclocking, though, it gets a lot closer. My 4.6GHz i5 2500K is 35.3% higher clocked than a stock 2500K (3.4GHz with Turbo Boost). If you assume linear performance, it would score around 358, which is 74.6% than the PII x4 965 for a 41.5% cost premium. Now, if you account for a moderate overclock on the i5 2500K, you have to account for a moderate overclock on the 965 also... say 4.0GHz? Assuming what we assumed with the i5 2500K, that's a 17.6% speed increase, or a score of 241. At that point, you're looking a differential of 48.5% performance for a 41.5% cost premium. That pretty much evens them up.
Then again, this whole theorycraft is bullshit because performance isn't too likely to be linear. So we'd need someone with a 4.0GHz PII x4 965 to run a benchmark against my system. Then we'd be assuming that there's nothing hindering performance on either system. Essentially, it could go in circles for a long time.