At least on Xbox 360 / Cell, high performance number crunching code would often compute more than needed (ie: both the if-case and else-case) and then use a branchless select to pick the right result. It may seem like a waste but it was faster than the combination of branch misprediction as well as shuffling values from one register file to another to be able to do scalar comparisons.
Thanks for mentioning masking though, in case anyone thought we didn't already know about that. ;-)
That instruction uses a mask provided at compile time; it encodes the mask as a part of the instruction. SSE 4 set has a similar one, `_mm_blendv_ps`, which does take the mask from another vector register.
(edit: oops, can't fix it, it's been too long since I first wrote the comment)