While I agree with Dark4ng3l for the most part, I think the reasons are different.
It is true that having no thermal limits would yield 5ghz screamers from both companies, however, eventually frequency scaling is limited by factors other than heat. I see clock speeds as a temporary solution to the advance of technology. IPC is king.
The only thing that will hold back Moore's law is power constraints. Yes eventually we will no longer be able to shrink transistors, but die size wise, it won't be a problem as stacked transistors will basically allow us to place many orders of magnitude more transistors using even the 32nm node.
Thermal management is going to be a huge factor in the design of 3d  microprocessors. The amount of power possible per CM^3 is going to be  insane. This is when I see thermal management to be much more of a  problem then it currently is.
I am very interested in the development of High Temperature Super  Conductors, as this would circumvent the thermal problems and yield some  ridiculously powerful microprocessors.