Intel's Knights Ferry GPGPU ASIC is not yet available, but already outperformed by 2-year-old chips from AMD and Nvidia who have both been selling GPU ASICs breaking the 1 TFLOPS barrier (single precision) for over two years now. The AMD Radeon HD 5870 and HD 6970 both reach 2.7 TFLOPS, and AMD makes a dual-ASIC PCIe card HD 6990 reaching 5.1 TFLOPS. Nvidia's mid-level GTX 275 (1.01 TFLOPS) was released in April 2009.
In fact, Knights Ferry evolved from the Larrabee GPU project, which disappointed Intel so much in terms of performance that they decided to forgo the GPU market (as it was clearly not going to be competitive), and to remain focused only on the GPGPU market by evolving Knights Ferry from Larrabee.
The one strong advantage of Knights Ferry is not performance, but x86 compatibility, as it would theoretically make it easy to port programs to. Although one would still have to rewrite the app to use the LRBni instruction set (512-bit regs) to fully exploit the computing performance... or else one would be limited to a quarter of its potential with SSE (128-bit regs.)
Another relative advantage of Knights Ferry is that each of the 50+ cores will probably be able to execute 50 unique instructions every clock cycle, making it very flexible. (Compared to, say, the HD 6970 which has 384 "cores" or VLIW units only able to execute 24 unique instructions: the ASIC is organized in 24 SIMD engines of 16 VLIW units each, the 16 VLIW units in each SIMD engine execute the same instruction in 16 different thread contexts, for a total of 384 threads.)
Edit: my bad, it looks like Intel claims 1 TFLOPS in double precision, which would put it up to the level of upcoming AMD chips (HD 7970 rumored to provide 4.1 SP TFLOPS or 1.0 DP TFLOPS in early 2012.)