I can't say much about CPUs, but here's my story about server vs. workstation motherboards...
Long ago, our Netware server's motherboard failed. It used a PII 400MHz CPU and had 256MB RAM.
While we waited for the Dell folks to show up w/ a new motherboard, we moved the hard disk controller and network controller into a PIII 933MHz workstation with 512MB RAM.
On paper, the 'workstation' should have been faster than the 'server'. In actuality, it would do just fine until we had 5 or 10 users accessing the same database -- then the response would slow to a crawl.
I believe (but have no certain knowledge on this) that the difference is in the number of data pathways inside the computer - the server had 2 PCI buses, with the HDC and Network card on different buses - and perhaps the server had superior conflict resolution capabilities (better interrupt handling).
For whatever reason, I remain convinced that 'server class' machines are better at handling multiple simultaneous client requests.