not completely inadequate at all, in fact the high end ones are quite competent but P4 does still have the edge here. if you're building a machine which might be used for a bit of DV editing here and there, stick with a high end AMD, if you're gonna be doing a lot of DV work, go P4 and be prepared to get shedloads of extra cooling power.
...oh, and stacks of RAM
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know your limits, and never stop trying to exceed them!