Do you know why your SQL is using so much CPU?
Just to make sure that it's not because all access to tables is done bu table-space-scan (name from DB2 sorry)
If you have poor indexes to your data your could end up with using all CPU and get very long response times.
When you get 100% CPU, is this done by a few users or a lot of users?
How big is your database? And what type of application?
I would first try to use the 4 way 2,0 Ghz 2MB cache version.
If what you realy need is raw CPU power You should get more in the 4 x 2,0 Ghz box then in the 8 x 900 Mhz box.
But it realy depends on that your problem is pure CPU.
From a cost point the 4 x 2,0 Ghz box should cost less then the 8 x 900Mhz box, especialy if you use a processor based licens and not a CAL based licens.
And I also tend to wounder why you have been living for so long with the 4 x 550 Mhz box when you load is so high.
But one importend thing not to forget: How does your users see the responsetimes? If they think it's OK (or almost OK) go for the cheap box.
I expect this is not a "mission critical box"
If you need more performance then the 8 x 900 Mhz box you have to look into a Unisys ES7000 system.
One last thing, what operating system are you using?