AMD for the only two reasons that matter:
1. they cost less than the equivalent Intel chip.
2. Stronger Floating Point Unit.
No. 1 should matter to most everyone here. No. 2 should matter to every person here who does 3d modelling, render, and animation. Stronger FPUs mean faster, more accurate renders, especially with CPU intensive things like volumetrics, mathematical expressions, and sprite/voxel/dynamic-subdivision operations.
Anyone who says you really have to have a water cooler to run with current AMDs is dead wrong. Water cooling is always nice when done right, but is strictly unneccessary on any of the standard, non-overclocked processors out there from either company. The safe temp for AthlonXP parts is up to about 90C per the AthlonXP test engineers, so if you get even a stock AMD heatsink and fan, you'll be all right, as long as your case is properly ventilated (IE front fan, rear fan and PSU fan). If you've got a GeForceFX "dustbuster" video card, or one of the bigger Radeons, you'll want to invest in a Zalman all-copper heatsink (NOT one of those stupid flower sculptures, either). My AthlonXP 2800 is running at about 60C, during most things right now. During Lightwave renders, which tasks the CPU more than anything, I'm getting as high as 65C.
About the P4s with Hyperthreading: don't bother unless you use apps that are multithreaded. That leaves out pretty much all games except for that one Quake (Arena? Team Arena? I can't remember the title). Photoshop, 3ds Max, Lightwave, Maya, XSI, etc, can all take advantage of it. Oh yeah, and its a complete loss on any Win9x /ME OS. Only Linux, the BSDs, or WinNT/2k/XP can even see it, even if your apps can use it.
Be careful with your choice of motherboard too, especially in the P4 arena. Some motherboard (Epox I think is guilty) crank up the front-side bus speed when the processor is under heavy load. This cranks the benchmark scores up, but it also heats up your CPU more when its already under its heaviest heat load. This is not a good thing. Heat, even when it doesn't kill the CPU, can cause bit errors that lead to machine lockups or black/blue screens of death.