Xeon X3470 's Advantages
Higher base frequency (2.933GHz vs 2.8GHz)
Lower TDP (95W vs 230W)
Intel Xeon Gold 6342 's Advantages
Released 11 years and 7 months late
Higher specification of memory (3200 vs 1333)
Newer PCIe version (4 vs 2)
Larger L3 cache size (36MB vs 8MB)
More modern manufacturing process (10nm vs 45nm)