I wouldn't buy either right now... You can get better performance for the money. The X1600 has had mixed reviews and some have had problems with artifacts etc. Toshiba has a 2 GHz Core Duo, 256 MB 7900 GS, 2 GB RAM, all for $1999 US. The 7900 GS is way better than the X1600 and the laptop is cheaper. I know the Toshiba is a 17" and the Ferrari is a 15.4" but the Toshiba is only 0.5 lbs more than the Ferrari, not a big difference at all.
Of course you can nitpick at the differences until your blue in the face, no 2 laptops are gonna be identical, but for overall value I think there's better out there than the Ferrari 5000. It almost seems like its coming out too late... The X2 Turion hasn't seen good reviews. Intel's Duo Core and the X1600 have been out for almost 8 months now. I would seriously recommend to anyone purchasing the 5000 or any laptop to wait until DirectX 10 Video Cards are out. Just my $0.02