Interesting.....I thought that i686 used instructions only available on later processors, i.e. i486 and pentium III do not have the later instruction set to accept compiled code for i686..... I'm no expert, but that is why there are i386, i686 and x86_64 type packages to cater for various processor types.
pentium-III is a i686, as is pretty much everything since Pentium Pro
i386 - 386 i486 - 486 i586 - pentium, pentium w/ mmx i686 - pentium pro, p-II, p-III, p4, core/core2/etc.