I don't have numbers for the smaller Pentium-Ms, but the 2.0 GHz is about as fast as a 3.2 GHz Pentium-4.
Also, the Pentium-4 is very selective to only run code fast that it "likes" (read: has been optimized for it). With the Prescott it got worse. The Pentium-M is much better, much more even for different programs.
On the heat/battery side the Pentium-M is much better even as a Pentium-4 mobile (Pentium-4M), not to
speak of a desktop P4 which you find in many notebooks, too.
Last but not least you can reasonably hope to put a much better Pentiium-M into a notebookw hich you buy now with a 1.5 GHz CPU. If you get a 2.8 GHz P4 this is not entirely reasitic because the faster P4s produce too much heat.