Without actually seeing/touching a V1280 (and just reading the documentation).. The V1280 has "processor boards" with four CPUs on each board. These CPUs (UltraSparc-III) are all single-core.
You can validate the CPU/board arrangement a-la prtdiag -v
detailed info here: http://www.sun.com/processors/manuals/USIIIv2.pdf
To expand a small bit on what WRWindsor has described,
The Sun Fire V1280 and it's newer iteration, the Sun Fire E2900
can use UltraSPARC-III+, UltraSPARC-IV, and UltraSPARC-IV+ cpu boards:
http://sunsolve.sun.com/handbook_pub/Systems/SunFireV1280_shared/spec.html
http://sunsolve.sun.com/handbook_pub/Systems/E2900/spec.html
US-III+ and US-IV modules are single-core designs (single thread per core and dual-thread per core respectively).
US-IV+ modules are a dual-core design.
http://www.sun.com/processors/UltraSPARC-III/
http://www.sun.com/processors/UltraSPARC-IV/
http://www.sun.com/processors/UltraSPARC-IVplus/
The output from psrinfo -vp would accurately describe them.
See [url=http://bama.ua.edu/cgi-bin/man-cgi?psrinfo+1M]the man page for the command[/url].