On a per core basis, not very well. Still better than previous Atom though.
Clock for clock according to that benchmark its within 7%. However the clock speed is obviously going to be lower than pure IPC would suggest. Most people had 2.4 Ghz Core 2 Duo's. So a 1.47Ghz chip is going to be less than half the performance in single threaded work, or well compared to a C2Q.
It's much worse than that. The Core 2 in the bench Jhu linked has 2 cores @1.86 GHz while the BT has 4 cores @2.4 GHz. So definitely Silvermont has a worse IPC than a Core 2 and more than 10%, rather 25-30%.So I think to answer the OP's question, Bay-Trail is maybe 10% worse clock to clock against a Core2. Depending on the SKU of Bay-Trail you get (2.4 Ghz QC being the highest), it can potentially be a large upgrade in terms of performance.