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AMD now has the Sempron processor aimed at the value market. It currently swamps the Celeron, yet costs about the same (or less).
The Celeron is, and always was, the low-end version of the P4. In short, NO.
One thing I don't like about Intel processors is their backward compatibility - yes, I DON'T like it. In the end, all you get is a very huge set of instructions, most of them obsolete, inefficient, etc. Basically, it's just about as big an insult to RISC as possible. :[ In the end, AMD's decision to support x86 instructions makes their instruction set almost as bad. :/

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