An i7 machine running -bigadv produces comparable or better PPD/W than the most efficient GPUs.
Yep it is. You can average a a lot higher on an bigadv wu then you can with any gpu or gpu combo. Lost work units? They may happen though i have had long stretches (weeks i'm saying) where i did not lose a single one. Once you have a truely stable OC the only problems you'll ever lose a work unit is if your computer crashes (which it shouldnt if its a stable oc), you lose power (though i've seen it resume a wu that was backed up after a power outttage and not lose it) though you could use a backup battery, and more.
What i believe a lot of people dont want to deal with is the little bit of hastle there is setting up a bigadv wu. Since its really trial and error as you need to sometimes fine tune an OC, figure out what settings to use, how much ram to give it etc. Though once this is done you can see quite a big higher ppd. If i were to build a folding rig it would definitely be another i7 just for the fact that unless fermi really lights up ppd it'll still be a better route to go, plus you can populate the i7 rig with gpus and not lose that much tpf in the process.
Example (personal):
i7 920 OC @ 3.8 GHz (C0/C1)
CPU folding set to normal priority
NO GPU folding
tpf averages around 33 mins with our without computer usage
1 GPU Folding (GTX 260)
tpf averages around 33 mins when computer not in use, about 34ish when in use
Priority set to high for GPU
2 GPU Folding (dual GTX 260s)
tpf averages around 34-35 mins when computer not in use, about 36ish mins when in use
Priority Set to High for GPUs
PPD
No GPU Folding: 25 366 ppd
1 GPU Folding: 24 255 + 8 000 (from gpu) = 32 255 ppd
2 GPU Folding: 23 222 + 16 000 (from 2 gpus) = 39 222 ppd
Edit: If i had a kill-a-watt meter or something equivalent i'd run tests to show the amount of overall wattage used compared to the ppd produced.