It's not "bad" -- 32nm is quite modern, and it looks like Intel's 22nm process is so immature that it sucks for desktop chips...
I don't think its necessarily that. When they have said they are changing the optimization point from 35W to 17W or less, it could have impacted top line performance. A circuit designed for one point doesn't always work better for another. It might be even true for process too. 32nm circuit and/or process might have been optimized for 10nA/um and 100nA/um leakage currents while in 22nm they might have moved to 1nA/um and 10nA/um leakage. In that case, 22nm chip with 100nA/um leakage transistors might not be optimal as it was with 32nm.
If you want real world examples, they are claiming that there will be greater gains with the lower power 3770S SKUs than the standard 3770K vs Sandy Bridge generation. More gain from 3550S than 3550, and same for 3450S and 3450.
Same for mobile chips. The highest 3920XM will probably end up only 5-15% faster than the 2960XM, but lower clocked 3720QM is 15-20% faster than 2760QM.
Intel does seem to be having problems with Ivy Bridge, otherwise we would have seen it in retail already. So things can still change, with final retail steppings. But I don't think the issue is quite so simple.
Besides, even among us enthusiasts, how many of us already say faster CPU isn't needed anymore?