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The distinction between the Celeron M vs Pentium M/Core Duo is that the cache and core is reduced by one-half. But users shouldn't worry too much about the smaller cache. This is due to Pentium M architecture has between 10-12 stages (unconfirmed), making it less dependent on the large cache size (as did the earlier P2 and P3, Celeron kicked ass.)
Now, there are 3 types of Celeron M:
Banias 130nm Core (900 MHz - 1.5 GHz with 512 KB L2 Cache)
Dothan 90nm Core (900 MHz - 1.7 GHz with 1 MB L2 Cache)
Yonah 65nm Core (1.06 GHz - 2.0 GHz with 1 MB L2 Cache, SSE3)
About performance, the Celeron M will outperform the P4-M brother by a good 35-40%. So the fastest 1.5 GHz equates to P4-M 2 GHz. The Banias core is about 5% slower than the Dothan. So multiply your chip by 1.4 for the Dothan, and 1.33 for the Banias.
By no means, the Celeron M is a speedster in this category, but it's a very cool chip and derived from the Pentium M/Core Duo, making it inherently low-power consumption. Although there are 2 draw backs.
#1) No SpeedStep (processor will always run at max. clock speed).
#2) No advanced power management.
These two combines weakens the Pentium M/Core Duo basic platform, long battery life. But user must beware that even with these two drawbacks, the inherent architecture still give its better battery life than the P4-M.