Take a look at HardOCP's review of the Radeon 9700 from yesterday.
Link
Note near the bottom where it says:
We have tested the card on a Pentium 4 2.53GHz system and also an AMD 2.485GHz system. The AMD numbers were done on a yet-to-be-announced CPU based on the Thoroughbred core.
And then on the 2nd page of the same review...
Link
... where it says:
Test Systems:... AMD 2.48GHz (15*165) - EPoX 8K3A+, 1 x 512MB Corsair PC3200 DDR Ram, Maxtor 40GB ATA133 HD, Windows XP Professional; VIA 4n1 Driver v4.42; ATi Catalyst Driver v02.2; NVIDIA Detonator Driver v30.82. This is an overclocked system running with an overclocked AGP bus at 82MHz and PCI bus at 41MHz.
It doesn't take high level math skills to realize that they have a locked 2.0GHz Tbred (133.3*15=2000), which will be called the 2400+, and that they were able to OC it to 2.48GHz, or roughly 2800+ to 3000+ (give or take, honestly I don't like AMD's PR system but if it helps the idiot masses to buy AMD cpu's and keeps AMD in the business of making the quality chips they DO make, then what the hey... ). Too bad they couldn't get it to 166 FSB cause that's when the 8K3A+ kicks in the 1/5 PCI divisor.
Now notice the benchmarks. Obviously, this review was for the Radeon 9700 and not the cpu's involved, but it's pretty clear that the Tbred at 2.48 pretty much resoundingly beat the 2.53GHz P4 in every test. Yes, the whopping was not as big as would be expected, but speculation is that was because of the SSE2 optimization in both 3dMark2001SE and in ATi's drivers. Word on the H forums is that the OC'ed Tbred was air-cooled.
So... as far as the "AMD better step it up or I'm getting an Intel processor" comment goes, I'd say that it looks like AMD has stepped it up quite well. Speculation is that the 2400+ (2.0GHz) and 2600+ (2.13GHz) Tbreds will be announced as soon as next week. As AMD tends to ship their chips as close to their maximum default voltage, air-cooled speed possible, I expect we'll see 2.3-2.4GHz models shipping very soon.
Okay, I'm done here. I don't want to see this turn into some flame war about AMD vs. Intel. They are both excellent companies and it's not one or the other that keeps these high-end cpu's ramping faster and faster, but the competition between the two. You fanboys out there (you know who you are) would do well to remember that.
I do want to agree with those who already said that cpu speed and performance is not everything. After 3 years of rapidly ramping clock speeds, today's computers are stuffed full of bottlenecks, especially in IDE performance.