The fact that the Amiga had coprocessors tells you all you need to know about single core CPUs 
Well, to be fair, the coprocessor argument is slightly different. A dedicated GPU is almost always going to be more efficient at graphics operations than a CPU.
However, it is worth noting that modern GPU's are so efficient at what they do due to using a many-core solution to the inherent parallel data operations common to graphics processing.
If you heavily multitask, a multicore CPU is always going to outshine a single core, no contest. I was able to use 3 of my 4 cores for encoding video (three separate mencoder processes, see above) and get the job done in 1/3 the time it would take a single core. And all without losing any speed at all, since the fourth core was more or less free to run all the non-cpu bound stuff.
Of course, it would probably have been even faster if I were to use the GPU for the job
