What's better > 1 powerhouse server or 4 low-grade clustered?

For the same cost, I could get a server with
Dual 2.4 GHz Xeon, 1GB DDR Ram, and two 36GB scsi

or

Four servers with
1.7 Celeron, 512 PC133, 80GB IDE

Do I get the one or get the four low-grades and cluster them with different services (mail and dns on one, control panel on another, accounts on another, etc.)?

 

 

 

 

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