Nope... the 3700+ should be equal to the 3.7ghz Pentium if it existed
Since this is how AMD scores them, and so by its findings, the 3700+ should be just as good or better (+) than the 3.7ghz Pentium 4, okay?
AMD are better for games, and Pentiums are better for video editing/3D Rendering by the way.
Unless you want a killer system, I wouldn't advise you waste so much money on that CPU, though its up to you how you spend your money, though if your a gamer (would answer why your getting a fast CPU), why are you getting a card this low?
nVidia GeForce 6600
When you could spend a bit less on the processor and get yourself a 6800GT, or Ultra, or even the new 7800? Which would give you more of a boost in your games?
Like the case too
Great system overall!
Though i'd really re-think the processor and graphics card choice, unless you don't game much and want more for doing other things and so thats fine, and any AMD Athlon 64 would give you 64bit support for the future Operating Systems and programs
I'd personally if you want the 3700+, go for the 3500+ (cheaper) and since your buying a good cooler, learn to overclock and send it up to about the same as that 3700+ or almost as close...though with the 3500+, you wouldn't have to overclock anyway since this is fast enough for most people!
(go for the Venice core by the way, its newer)
I hope this helps, and sorry about the essay...hopefully i've given you some good things to think about.