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I thought it had diminished floating point capabilities too? Maybe missing the SSE and SSE2 extensions or something?

Nope. The capabilities are the same except they used to intentionally disable XD and EM64T on the Celeron. Forgot one more thing and that is the bus is a bit slower.

It is a generation or two behind but I've got a similar spec Celeron and P4 running Linux. When I tried transcoding DVDs on them, it came out to be about 10% faster on the P4.