The i7's dynamic overclocking feature is called "Turbo Boost" not "scaling". Hyperthreading is still called Hyperthreading (Intel's term for what is really simultaneous multithreading). "Virtualization" is the ability to create "virtual machines", a form of whole system hardware emulation, to effectively allow running multiple separate "systems" off one set of system hardware. So it's unrelated, and probably unnecessary for Reck's needs, or most TG'ers for that matter. Nonetheless the Phenom II X6 should support a form of hardware virtualization anyway.
As to the original question, Passmark is a fairly simplistic test, or more accurately it is a theoretical rather than real-world benchmark. It's not throwing real workloads at the CPU, they're abstract mathematical tests to assess theoretical performance. Real-world workloads are much more telling as they give you a better idea of how issues like contention, memory bandwidth, cache sizes, etc. can affect your actual software use, or at least something like it. So seeing some benchmarks of a multithreaded rendering application on both CPUs is pretty important to get a real idea.
So for example:
http://www.tomshardware.co.uk/charts/2009-desktop-cpu-charts-update-1/3DS-Max-2009,1380.htmlNotice the i7 920 (which has similar performance to the 860 which is not on that chart) is ahead of the Phenom II X6 at 3.2Ghz.
Another take here, where the X6 does a bit better:
http://www.tomshardware.com/reviews/amd-phenom-ii-x6-1090t-890fx,2613-8.htmlAnd one with a wider variety of tested apps:
http://www.anandtech.com/show/3674/amds-sixcore-phenom-ii-x6-1090t-1055t-reviewed/7Mixed results for the X6.
In general where Terragen is concerned, i7's do seem to have the edge, and while there are no 6 core Phenom II results at the TG2 benchmark page, you can potentially extrapolate based just on comparative clock speeds and number of cores:
http://3dspeedmachine.com/?page=3&scene=47Hopefully we'll get some Phenom II X6 results soon.
All things considered I think it's pretty clear the Phenom has the price/performance edge. However you can go for an i7 860 rather than 960 and be trading places with the Phenom depending on the benchmark you try, and it'll perform better in single-threaded tasks to be sure. On Newegg the 860 just edges out the X6 for price, though total system cost would be the same or higher since i7 motherboards are more expensive.
There's also power use to consider, as that can give you a nice bill at the end of the month if you run them constantly (as I do).

125W for the Phenom vs. 95W for the i7 860.
Anyway, I bought my i7's before the X6 was out, but I'm not sure I'd decide differently now. It's important to remember that it's not clock-for-clock parity; the i7's are higher performing per clock. You need to look at the right benchmarks and compare performance-for-performance. When you do that the prices are a lot closer.
- Oshyan