Larrabee’s cores are modified Pentiums - very modified. Out of Order Execution is removed to save space (allowing more cores on one chip) and costs. Out of Order Execution is a big help when working on the long instruction threads dealt with by a CPU, but graphics usually involve larger numbers of shorter threads.
The x86 instruction set is updated to -64, and extensions are added, again with graphics in mind. An SIMD vector unit is added to deal with the calculations common in computer graphics. Traditional GPUs also use many SIMDs in parallel, though they use more, simpler ones, while each Larrabee core has a single SIMD, but it is 16-vectors wide.
The similarities and differences are most obvious when looking at the block diagrams (below) of Larrabee (left) and Nvidia’s GeForce GPU (right). Considering that each Larrabee core has a 16-vector wide SIMD, while each Stream Processor (the green bits on the Nvidia) is single-wide, but are in groups of sixteen, we end up with something similar . Especially if you note that the GeForce’s L2 cache and frame buffer are shared like the Intel’s, which isn’t clear in the diagrams.