Depends on your definition of better really lol
The AMD has the higher stock raw Mhz advantage but with a heavy heat disadvantage - generally speaking that means it'll be less overclockable but thats not a 100% black and white situation because of the different possible cooling solutions around. i5 is brand new so you're probably paying a premium for early-adopter tax. Personally, I'd think the AMD would run faster if left stock. At the same time, the AMD is on a fairly old socket architecture now - AM3 is just a step up from AM2 - and there's no knowing if and when AMD will move to another socket - i5 is brand new so if you're considering upgrading in the future, there's PROBABLY a better chance you'll be able to get a substantial upgrade on the i5 than the AM3.
If it was my money, today, I'd get the AMD out of those two options.
Having said that, if I had a free choice and that budget, I'd probably go for this...
http://www.newegg.ca/Product/Product...82E16819115041
They're apparently awesome overclockers and the motherboard would be a lot cheaper than the i5 board is likely to be which would easily pay you back the $10 extra the CPU is costing - you'd also have a MUCH wider range of options when it came to things like aftermarket coolers etc. You get the benefit of a well established line - no new stuff bugs to worry about too...