I would say that the difference is definitely worth it. Hyper-threading technology allows the processor to execute two commands at once, instead of just one, theoretically *acting* as a dual-processor system (although it's not nearly as good as a real dual-processor system, but definitely gonna be good when programs start to really take advantage of it).
Secondly, the front side bus speed and ram speed will speed things up a lot. This will help gaming in addition to being able to keep multiple programs open at once. It won't affect ping time, however, as that's a factor of your connection speed - which in this case is simply a dial-up modem.
cscgal
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I am considering buying a new computer from Dell. I have customized two computers which are almost exactly the same but the price difference is $310.
Whichever one youdo buy, get an add-in sound card--the ADI audio in both machines is a "host-based codec" which is weasel-speak for AC '97 audio. The drawback to this kind of sound system is that the CPU (the "host") does all the work of dealing with sound; no matter how fast the processor is, this sucks up CPU cycles like crazy, especially in anything beyond stereo, like 6.1 surround sound.
A SoundBlaster Live! or Audigy card has an on-board processor (lower CPU overhead) and better power filtering (cleaner sound).
TallCool1
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