Here is an article from tom's hardware from about a year ago comparing the Pentium M (banias) vs. the Low-voltage Athlon XP-M.
In Summary the Intel beat the AMD in nearly every benchmark, sometimes by up to 20% or more. The only place AMD really has an advantage is in price(at least at the time this article was published)usually by $200 or more. Less by now I'm sure.
I would say that the AMD would be a great deal if the discount in price that the manufacturers have with the AMD were passed on directly to the customer However most of the discount ends up in their wallet not ours.
It got beat a year ago. Keep in mind that was a 1700+ Athlon 32 bit processor. I don't care about windows not supporting 64 bit pipelines, but the 3200+ 2.2ghz athlon64-m never breaks a sweat in current applications, nor in games when paired with the 9700 pro. I would like to find a laptop around with these specs, and am currently looking for a good deal. If anyone has any good ideas, let me know.