Xeon X3470 's Advantages
Higher base frequency (2.933GHz vs 2.6GHz)
Lower TDP (95W vs 115W)
Intel Xeon E5 2689 's Advantages
Released 2 years and 6 months late
Higher specification of memory (1600 vs 1333)
Newer PCIe version (3 vs 2)
Larger L3 cache size (20MB vs 8MB)
More modern manufacturing process (32nm vs 45nm)