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Running at a base clock of 3.2Ghz and capable of Turbo speeds up to 3.46Ghz, the Core i7 960 is Intel's most capable processor with the exception of the (outlandishly expensive) Extreme series. It has all the features one expects of such a high-end product including hyper-threading and 8MB of L3 cache.
The Core i7 960 is only marginally faster than the Core i7 860, but it uses the X58 chipset rather than P55. For some users, that is a big deal. The X58 chipset offers more PCI Express lanes and Triple-Channel DDR3 memory, both of which can provide better performance in certain scenarios.
Given its price of $599.99, the Core i7 960 loses to the Core i7 860 in terms of value. But if you need the X58 chipset and the fastest reasonable processor then the Core i7 960 is the one for you.