"Plus you have to consider the motherboard and how Intel P!!!/SMP chipsets are better thoroughput than the vanilla non-Intel P4 motherboards."
A P4 with RDRAM will destroy a PIII in memory throughput, I don't think that is even debatable. Considering PIII's have to share bandwidth between CPU's the performance gap is increased even more.
"Lag the capture card in the slightest and all his work will be no better than so-so quality."
DV requires 3.6MB/s, no more, no less. The PCI bus is not a concern in the slightest with that amount of required bandwidth. My laptop with a 4200RPM HD can easily handle DV transfers, and I'm sure it doesn't have top of the line PCI performance. DV is a digital transfer anyway, if there is a hiccup it can go back and re-request the frame with zero loss in quality, so I don't know why you even brought that up in the first place.
"Pariah could you provide some evidence/links that prove a 2G P4 out performs a dual P3 in video editing?"
A P4 was designed with A/V applications in mind, that is the one area where it has no rival. You can't add the MHz up in an SMP rig, as such, the P4 has such a huge clock advantage that even if it wasn't faster to begin with it would still win out. I don't think there are any benchmarks around to prove either way, but you might want to take a look at The Video Guy's Handbook system recommendations (A very good site for video editing info):
Video Guys
The chart up top is a bit dated, you have to scroll down a bit.
"We highly recommend Intel's P4 processors.
We feel that these systems offer you the highest level of performance and compatibility. We've found that our cards are easier to install on a P4 based system. Intel has also added a bunch of special performance enhancers to the P4 CPU and it's chipsets that give it outstanding performance for video editing.
Video CODECs and non-linear editing software are being optimized for these new processors. Not only will they give you better performance, but they will encode dramatically faster into MPEG2 for DVD authoring and the various streaming CODECs. Next year we expect to see real-time MPEG2 encoding and additional real-time performance based on further optimizations for P4."
If you look further down at their Feb 2002 recommendations, it's a P4, and not even a Northwood which we all know performs even better. If you look at the top chart, for DV editing, they recommend a PIII 700 or a GHz Athlon, basically saying you don't need incredible amounts of CPU power to perform the required tasks. Those are the same recommendations for a Prosumer system. Only on the professional system are top of the line CPU's recommended. I doubt a system like that is what is required in this situation. Large amounts of RAM and fast storage is more important than top of the line CPU power.