Intel Xeon E5507 's Advantages
Lower TDP (80W vs 130W)
Intel Xeon E5 2697 v2 's Advantages
Released 3 years and 6 months late
Newer PCIe version (3 vs 2)
Higher base frequency (2.7GHz vs 2.266GHz)
Larger L3 cache size (30MB vs 4MB)
More modern manufacturing process (22nm vs 45nm)