This is a complicated issue, however I'll try to keep this coherent. I'm using cpu folding@home as the benchmark for my argument, as it ignores graphics cards and gives a fair indication of raw processing "power". It's a program which gives you points for finishing a given amount of calculation, the faster the cpu the less time each block takes, so leading to points-per-day or ppd as a measure of processing speed.
Firstly computer performance is always in terms of bottlenecks. This limiting factor will depend on use, a gaming computer will need powerful graphics cards or these will be the slowest link. One doing intensive numerical work doesn't need any graphics card at all. So an i7 @ 4ghz with 8800gt is graphics card limited for gaming, but processor limited for cpu folding at home. The "goal" is to keep the system balanced for the task it is nominally built for. Ideally you want ram, cpu and graphics card to all be the limiting factor at once, so improving any one of them makes no difference but weakening any will slow the system down.
This is different to "bang for buck" as the term is normally used. It's important to remember that performance/price has to be in terms of intended use, and this is often neglected. For gaming, I'm sure the amd quad core in the OP has the i7 thrashed, as the system is very likely to be graphics card limited. For folding at home I'm much less sure. The stock x4 620 gets
4k ppd. The stock i7 920 gets
6.5k ppd. I haven't looked for overclocked results as I have no idea what a "normal" overclock is on the amd. This suggests the i7 is about 50% faster than the amd at stock, so the gap is narrowed. I suspect it narrows further when overclocked, as the i7 breaks 4ghz easily and I don't believe the amd does.
However, say you want a processor/motherboard/ram that is as fast as you can afford, because your intended use is cpu bound. Taking your example, the two amd rigs combined would get 8k ppd, the single i7 6.5k. However given the duplication of other hardware: cases, psus, graphics card etc it's no longer going to be two amd rigs for the same price as the intel. Approximately £50 case, £50 psu, network boot, no graphics card (so as little duplication as possible) gives £585 for the intel, £685 for the amd. £ per 1k ppd for intel is then £90, for the amd £85. The gap is then pretty close. If you wanted a basic graphics card, keyboard and so forth I believe you'll find they have the same price per ppd. This leads to the conclusion that for cpu intensive work, the two alternatives are the same price per performance.
The kicker is that the i7 system does all this in one box, so there's no issue splitting the load across the two loads, no networking costs, software compatibility is much improved. Running a two computer cluster would be difficult, and the price/per performance improvement for amd would need to be significant to justify the hassle involved. The price per ppd is near equal, this makes the i7 system a no-brainer for computational work.
My personal opinion is that the faster the processor, the better (linearly, not just faster is better until gpu limited). Paying half the price for one that's half the speed only makes sense if you can't afford the faster option. As such I think the x58 950 makes no sense, as the performance per pound relative to the x58 920 is much worse. However I wouldn't buy the amd you've linked, as it's half the price for half the processing ability.
I look forward to your response.