I got dual X5650 clocked at 4Ghz on an older (very rare to find) EVGA's SR2 board. Each of them is approx. the same speed as a 4770K or 3770K at the same clock (pretty close to an i7 4790).
In short: If you can get two of those Xeons on a custom board (main problem) and clock them they will probably outperform 2x i7 4790 for like 7th of the price.
Then again, on stock speeds in older workstations (Dell T5500/7500, HP Z600/Z800) they are around 20% slower then my stock i7 4770K (each), but around 50% faster in dual configuration compared to a single i7 4770K.
I am talking about Corona speeds here. Cinebench is about the same.
If you are wondering about the cost - I have paid both Xeons like 100 euros in pair. Got the board from USA for around 220$ (something like 200 euros) and fitted them with AIO water coolers from Antec (single slot radiators, 650) that were like 60 euros each.
This was the project I have done for fun in my spare time since I wanted to see how much performance can one squeeze out of old hardware but I only use them as render slaves sometimes, even though they still perform pretty good :). Hope it helps!
EDIT: And yes, X5650 does support Intel Embree.