What's the big difference between AMD and Intel processors?

Besides the price of course.

From what I saw when I was purchasing parts for my custom computer, I saw that AMD tended to be 3x cheaper with AMD and having 3x better specs. I assume Ghz and cores are universal, so I ruled out that Intel may use a different rating system. Is an Intel dual-core 2.7 Ghz really better than an AMD quad-core 3.4 Ghz (hypothetical)? Or is it all in the name?

I even remember reading that Intel was getting hurt from poor sales awhile back. I can see why.

It's hard to compare processes, GHz is just how fast/many processes it can do.

I'm trying to build my own computer, and it's a mess, going off what others say and how well the cpu is doing compared to another, I'm leaning towards a newer AMD cpu that is "quad-core", AMD/Intel have a different way of going about the multiple cores also, AMD does modules, which two can be per core, and Intel does hyperthreading, so a dual-core is just one CPU with two modules or hyperthreading, a quad-core is two CPU's in the processes with two modules or hyperthreading.

The first series of the latest AMD line is kinda a flop, didn't do nearly as well as expected, the top one was on line with the i5, the second series is doing better but still getting beat by the i7, and the i7 is pointless for the most part since it doesn't offer much better abilities for the extra cost over a i5.

I got a bit distracted where I was going with this, was reading some articles about the differences. Here they are at least will be a little more info hopefully. http://www.tomshardware.com/forum/353477-28-intel-processor-gaming and http://www.tomshardware.com/reviews/gaming-cpu-review-overclock,3106.html