I built a rig for my parents with a PII 940 under that 1284. I put two low speed yate loon fans on it in push/pull and that box runs silent with load temps around 37C. Stock clocks and voltage, though, they use it for drawing architectural plans and store important stuff on it. Haven't tried overclocking using that HSF, I'm using a TRUE on my 940.
But I'd use 4 heatpipes, the only way 3 could possibly be better is on intel 45nm duals, those dies are small enough that the two outside heatpipes basically do nothing as they're too far from the die and hang off the sides of the IHS. But on a PII or an i7/i5, the die and IHS are pretty large and all 4 heatpipes can make good contact, so it's a no brainer which one to choose unless you just like the look of the black one through your case window.
Also, consider this one:
http://www.xtremesystems.org/forums/...d.php?t=215385. It's better than both xigmateks and is only $5 more than the 1284.