When talking about eating, I hope no one is referring to gaming or DX benchmarking. A 3.0 HT P4 will "eat" dual 2.8 Xeons in gaming with ease. Xeons are simply not designed for gaming, and the dual processor setup gives no performance boost at all in games.
A simple Athlon 64 with 1 GB of PC3200 and a 5950 Ultra would "eat" any of the PCs here in regards to gaming or DX benchmarking. Now, for server uses, the Xeon would of course be doing the eating. You can't really compare Xeons (or Opterons, for that matter) to regular user systems because they're designed for different uses.
That's still a good setup Jolt, especially for $700. I'd be getting a good videocard with it if you want to play games, though!
-Lasereth