the reason most distro's (but not all) will compile for i386 is that it will run on all x86 architectures (pentiums, athlons, celerons, cyrix's, etc...)
x86 is the general term for the pentium architecture (which other companies use, like AMD).
if you were to compile things specifically for your pentium-4, they would only run on pentium 4's or higher. You might see some thing's compiled for i686 (which is your processor,and others like duron's and athlon's).
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