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The E1200 is based off Intel's new Core Number Numeral architecture so will win hands down on power consumption and performance wise on any multi-threaded code that fits nicely in the 512KB cache.
The P4 HT should really let rip with any single threaded code but will imitate a cooker whilst doing it so you might want to watch your power conSumption/density.
Not sure which way it would go on multi-threaded code that needs a larger cache (2MB on the P4 631). The E1200 really suffers against other core based chips but the P4 has quite a big clock speed advantage, even if it is less efficient per clock.
Personally I would go with the E1200.
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