When I talk about PentiumM performance to someone interested in clock speeds, I give myself a 400mhz margin of error. I would say that a PentiumM 1.6 (533) falls somewhere inbetween a 2.6 and 3.0ghz Pentium4, depending on what you're doing. I then overlap that with higher processors.
.Pm.......P4...
1.60 - 2.6/3.0
1.73 - 2.8/3.2
1.86 - 3.0/3.4
2.00 - 3.2/3.6
2.13 - 3.4/3.8
2.26 - 3.6/4.0
That is assuming of course, 533mhz, 2MB L2 cache chips. I'd probably knock off another 400mhz for the older PentiumM's, 1MB L2 cache 400mhz FSB. That means I would put a 1.6ghz CeleronM (ones selling currently) at about a 2.4/2.8ghz Pentium4.
The truth is, you can't really compare a PentiumM to a Pentium4. You can pick a clock speed, but the problem is, the PentiumM is going to be faster at some things and slower at others. I've seen benchmarks all over the map. That's why I make perfectly clear that 'It is about the speed of a P4 2.6 to a 3.0. I'm pretty certain that should cover the performance of where a vast majority of benchmarks put the respective processors.
Truth is, I've completely gone away from speed and focused solely on processor numbers. It helped my sales out, and I only talked actual frequency with so-called 'geeks' that I could probably spend 5 minutes writing random stuff on a paper and have more than they have collected their entire lives, but I digress. In the end, it's all about how it feels to you, and honestly, I can't tell the difference between my 1.6 (533) processor in my 6000D and the 1.6 (400) that I swapped and then pinmodded to 2.13ghz, but thats just me.