Depending on the Xeon you buy, it's either an i5 or an i7.
I have two Xeons, one is a E3-1225v3 which is basically an i5 with VT-d and ECC support. It has a GPU (P4600), and it's quad core. My other Xeon is basically an i7, it has no GPU and it's quad core with Hyperthreading.
I must say I'm pretty happy with my rig - I only got it last month. The board was new, but it was cheap. The CPU was used off eBay. I had change from £200 for both including delivery. It's very, very fast. The old E3-1240 is 3.3GHz, 4 core with HT (so 8 logical cores). It turbos to 3.8GHz. It was excellent value for money.