This will change when the Pentium III 'copermine' chips become popular. They have other advantages and it'll be tougher to call. Apart from other enhancements they have a 133MHz external bus, if you can get RAM that's fast enough. I suspect this'll make less difference in practice than having a full-speed cache bus to the core. The PIII also has extra instructions that'll be taken up over time - by the end of 2000 you might wish you had them.
The AMD K6 is still a good choice - performance a bit below that of an equivalent Pentium II/III or Celeron but the price is a lot less, as is the supporting motherboard. Great for running things like Microsoft Office - you'll never notice the difference
Don't waste your time with the highest-clocked Pentium's unless you really have money to burn. Currently the Pentium III 500 offers the best price/performance. This will change monthly, of course, and I won't update this more than once a year. As a general rule start with the cheapest chip and buy one before the price increase is a higher percentage than the performance increase in MHz. I expect the Pentium 500 to be replaced by the 550 as the entry level by early Sprint 2000, and the 550 will be the likely entry-level by Summer, just as 800MHz high-end parts appear on the horizon.
A previous winner of this category was the IBM 6x86 PR200followed by the Pentium II 233MHz in early 1998See also Intel Socket Types