I don't know much about the technical details, but the pitch I've heard is that it gives you ASIC level performance with more flexibility to reprogram the chip (not full FPGA).
That said, there's only so much you can do in a chip before considerable tradeoffs are going to be made. They're not going to offer the same level of flexibility you get out of a general purpose CPU, but may not have same the restrictions of most fixed pipeline chips - their product sits somewhere in the middle. Also, P4 seems to sit in a space complex enough to make it unreasonable for most network shops - it's not for your average enterprise or service provider network.