For floating point, there is no comparisom AMD blows P3 and P4 out of the water.
Check out
http://www6.tomshardware.com/cpu/00q4/001122/p4-03.html
which shows benchmarks on Mpeg4 compression algorithm that heavily relies on Floating Point, and shows how poorly the P4 does. Even P3 does better. Floating point is important for audio for programs like Reaktor that sythesize sounds using floating point.
P4 can outperform Athlon if programs make use of SSE2 - Intel's new multimedia instruction set. Unfortunately, no program takes advantage of this. For example, Reaktor 3.0 slated for release in April, 2001 is just coming out with support for SSE - the instruction set extension used in P3.
The compilers used to build the programs do not even support SSE2 yet, so it will some time before audio programs take advantage of SSE2.
For an even cheaper, but still very capable system check out AMD Durons. The floating point unit (FPU) is identical of that of the big brother Thunderbird. A Duron performs floating point calculations at the same speed as the TBird for a given MHz.
If you are into overclocking - a potentially dicey process - then most 700MHz Durons will overclock to 1 GHz.
The main differences between the two is the size of the cache.
But it is true, some cards have problems with the chipsets used in the Athlon motherboards.
I personlly have had a bad experience with Guillemot ISIS in my Athlon system - could not get it to work. Had to RMA the board.
See also for example:
http://www.aardvark-pro.com/aark24_tech_known_incompatibilities.html
for some issues related to Athlon and
Aark24.
So before you buy your soundcard - check with the mfr to see if it has been tested in your motherboard.