Prescott CPUs run EXTREMELY hot. If you're considering putting this in a closed arcade cabinet, this is something to consider. Also, this generally means that they need a loud fan to keep them cool. Nearly every customer review I find complains about the noisy fan. Read some of the reviews of the Prescott 3.0 and see what they say. If you can find a Northwood 3.0 at a similar price, I highly recommend you get it instead of the Prescott.
If this is for a dedicated MAME machine, you might want to consider turning Hyperthreading off. I've seen reports that Hyperthreading causes performance problems with MAME. Again, do some searching and see what you find.
Honestly, unless you already have an Intel motherboard in hand, I'd seriously consider getting an AMD Athlon 64 3200+ or faster. The 3200+ consistently beats the prescott 3.0 in almost every benchmark. And according to the MAME team, AMD processors usually run MAME faster on most games.
Let's look at prices on newegg, shall we...
The socket 478 Prescott 3.0 that you're looking at is $192
A socket 939 athlon 64 3200+ is $168
The really cool thing is that the latest 3200+ CPUs are great overclockers. Most people easily get to 2.6 GHZ (FX-55 speeds), a lot get to 2.7GHz, and some even get to 2.8GHz (FX-57 speeds). And this is with the stock cooler!!!
You can pretty much forget about overclocking a Prescott 3.0 without investing in some serious cooling.
Another thing to consider is that socket 478 is a dead end. If you buy a socket 478 board and a Prescott 3.0. You really don't have much in the way of upgrade options. The highest you can go is to a 3.4GHz P4.
With a socket 939 board, you can upgrade to an FX-57 (single core) or an FX-60 (dual core). And who knows, AMD may still make faster socket 939 cpus in the future. 478 is dead. Intel isn't making any new cpus for it.