No more transistors means only more transistors.
However...
Typically more transistors means smaller transistors. And typically smaller transistors means faster transistors. And again, typically, the faster the transistor, the higher the clock speed.
Clock speed is a function of power and transistor speed and a many other components that have a lesser effect.
Transistor speed is a function of transistor size, power, materials, technology and a bunch of other stuff.
It is however generally safe to assume that the goals of anyone creating new transistors or etching technology is to designer smaller, faster, lower power consumption and cheaper to produce transistors. However, these factors will be prioritised differently. The military doesn't care about price, size is not a concern as long as it fits, but power consumption and environmental extremes could be very important. As home, we don't care about power so much (we have an outlet), our rooms stay within 40-100F most of the time, but we want cheap. Laptops want low power and low size, but you pay for that so price is less of a concern.
Also, typically you can say the more transistors the more work done per second. This is not a hard and fast rule, compare the P4 with the athlon. However, if we can fit more transistors on a peice of silicon, then they are likely to be smaller, and hence likely to use less power, and hence likely to be faster and the clock to be higher. Also, even with the same clock speed, compare a 8bit CPU with a 32 or 64 bit CPU. Chances are the 32/64 bit cpu will outrun the 8 bit one even when underclocked to just a few MHz.