To get about the same clock, you need to pay $325.
The Core-i7 980X is made on a smaller process node, 32 instead of 45 nm. The two processors aren't easily compared, the cores in the Core have half the L2 cache of the Phenom (256 vs. 512KB) and the shared L3 is twice as big (12 vs. 6MB).
As for the pricing, according to Wikipedia there's just this one unlocked Core desktop part, vs. a couple of dozen Xeon server parts and 8 4 core dual processor parts. It sure looks like to me like Intel is selling all the server parts it can and is throwing out this one desktop version for the enthusiasts with a price to match.
Anyone have an idea of what the different L2 and L3 cache tradeoffs will mean in practice?