SSE performance is better than x87, for a number of reasons. Latency and throughput are generally better, but SSE also supports SIMD which allows more than one op per instruction. SSE also has more registers (x87 only has 8 80bit compared to at least 16 128bit). If I'm not mistaken, the number of available execution units with SSE is also larger, which means more opportunities for instruction level parallelism.

These are why modern compilers don't emit x87 for floating point.