not really. after 10 minutes, the difference is approximately 2 seconds.
if you put that into a simple equation (and I mean simple):
(total seconds of difference between the 2 transcodes / total length of the transcoded video) * (number of seconds in a 2-hour movie) = amount of time saved with the $300 more expensive processor in 2 hours of uninterrupted transcoding.
2/(10*60) * 7200 =
0.0033333 * 7200 = 23.9999976 seconds saved.
in short, you're saving 24 seconds on each 2-hour movie you encode/transcode. Or, approximately 12 seconds saved per hour of transcoded material that utilizes 100% of the CPU. Yea, you'd have to do a helluva lot of transcoding to appreciate or work at 100% of the CPU to appreciate that 0.3% advantage.
In order to save just 1 hour of your lifetime, you'd have to work at 100% cpu for:
60/12 * 60 = 300 hours.
yea, it'll take you around 300 hours to save yourself one hour of real time if your purpose is transcoding. other applications may feel the boost a little more in real-time. maybe 3D design applications. maybe games will get a couple extra FPS of performance boost.
overall? I'd strongly suggest people putting that $300 into a nice SSD drive.