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My workstation T7400 was damaged and insured by Dell who is issuing me a replacement T7500. As I know little to nothing about the processors involved, can someone weigh in to confirm that Dell is indeed giving me equal processors and graphic cards that were in my damaged unit as they are obligated to do.

Damaged T7400 had the following:

pair of X5482 3.2GHz Xeons.
pair of Nvidia 1.5GB FX5600 cards.

replacement issued contains:

Dual Quad Core Intel Xeon Processor E5607, 2.26GHz, 8M L3, 4.8GT/s
Dual 2GB nVIDIA Quadro 4000 cards

from a layman's point of view, which means I know nothing in technical terms, the surface indicates they are giving me 2.2GHz processors where I previously had 3.2GHz. and the nVidia FX5600 graphics cards I got with the T7400 cost thousands and the dual Quadro 4000 cards are priced much lower.
Obviously price variations and time mean nothing. I am basically just wanting to run these specs by and see if Dell is replacing the primary components with something equal to what I had in the damaged 7400. I appreciate any input.

It looks like a good deal.

I cant find a good benchmark review to compare the cpu's directly. The clock speed difference is not a huge deal as its not the only means of improving performance. The new CPU has an integrated memory controller drastically increasing memory performance over the old system bus designs. I would guess they would be roughly around the same performance, depending on application with new ones probably slightly ahead. Also on the power side, the old xeons were 150 watt chips, while the new ones are 80 watt.

On the GPU side, the new ones are better. More ram, more memory bandwidth, more performance. GPU performance takes huge leaps forward every couple years and 4 years later the mid range is better then the top of line. Which is the case here. With the new gpus having 256 cuda cores compared to 128 on the old. Power wise the old gpus were about 171w, while the new ones are 140w.

All in all I think you made out great. You probably are even or slightly below on cpu power, gained a good deal of gpu power, and got a lot better power efficiency.