Within the same price range, yes. Both Phenom II chips are quite comparable to the likes of Q9400 and Q9300. I'd be happy with either one if I were to build a new system right now. Phenom II is a HUGE improvement over the original Phenom.

One thing to note though: I would rather wait for the AM3 version of Phenom II to launch. They are backward compatible with AM2+ motherboards and have even lower power consumption.