HT allows a boost of approximately 10-30% for mostly cpu-bound tasks that use the extra virtual cores. Although these tasks may seem CPU-bound, unless they are custom made assembly, they will usually suffer from IO waits between RAM and local cache. This allows one thread running on a physical HT-enabled core to work while the other thread is waiting for IO. This does come with a disadvantage though, as two threads share the same cache/bus, which will result in less resources each which may cause both threads to pause while waiting for IO.
In the last case, running a single thread will decrease the maximum simultaneous theoretical processing power(by 10-30%) in favor of running a single thread without the slowdown of cache thrashing which may be very significant in some applications.
Choosing which cores to use is just as important as choosing how many threads to run. If each thread is CPU-bound for roughly the same duration it is best to set the affinity such that threads using mostly different resources find themselves on different physical cores and threads using common resources be grouped to the same physical cores(different virtual core) so that common resources can be used from the same cache without extra IO wait.
Since each program has different CPU-usage characteristics and cache thrashing may or may not be a major slowdown(it usually is) it is impossible to determine what the ideal number of threads should be without profiling first. One last thing to note is that the OS/Kernel will also require some CPU and cache space. It is usually ideal to keep a single (physical)core set aside for the OS if real-time latency is required on CPU-bound threads so as to avoid sharing cache/cpu resources. If threads are often waiting for IO and cache thrashing is not an issue, or if running a real-time OS specifically designed for the application, you can skip this last step.
http://en.wikipedia.org/wiki/Thrashing_(computer_science)
http://en.wikipedia.org/wiki/Processor_affinity