You can make a powerful workstation with Xeon's, but the Xeon in the OP is far from "powerful" on its own as cheaper chips will outperform it.
In a crude form yes.
However, you're forgetting many traits of the Xeon here. Firstly, they have the second QPI unlocked, so you can run two. That means up to 24 cores and 48 threads. At which point no 4770k can touch them.
Intel make sure you pay for it mind.
But the point is threads. I've never ever rated CPUs on software that doesn't support them. The only fair way to judge them is on their full merit, not by running software that deliberately avoids half of what they offer.
IPC is not important. Core count, and support, is important. Because of the position Intel are in they have been calling the shots. IE - "Here look, have our quad core CPU because IPC is all that matters !" - it isn't, not to me.
What I want is IPC, plus cores, plus support. I want it all and I don't want Intel dictating to me what they think I want. It's a typical trick of a corporation, tell people what they want.
At last they are releasing an 8 core CPU that's sort of mainstream. I mean, it isn't strictly mainstream because it goes in a ridiculous socket and costs ridiculous money, but Intel are going to have to do a complete Uturn now. No longer can they play the IPC card if they are charging £900 for an 8 core CPU. Now it comes down to cores and support for those cores.
And tbh? it's about the only avenue Intel have left now. As predicted they have hit a brick wall when it comes to gains and shrinks, so now they need to start offering out more cores.
And, with any luck that means support. So these Enterprise chips will slowly trickle down into the enthusiast sector, then into the regular desktop sector. And that means that it won't be just Cinebench for example that uses them properly.
8 Ivybridge cores with 8 HTs, even at the 2.3ghz (and 2.5ghz I should get if I tinker with the FSB) should be immensely powerful.