Actually, Magny Cours is said to be clocked around 25% lower than Istanbul, so you can't look at it like that. Even in highly threaded apps, Gulftown will be competitive with Magny Cours due to its high clock. At worst, its probably only 10-15% slower than Magny Cours.
(In server apps)
-6 core Istanbul performs 10-15% less than 4 core Bloomfield
-Gulftown with 6 cores will clock slightly higher than 4 core Bloomfield
-12 core Magny Cours clock 20-25% lower than 6 core Istanbul
2x more cores with 25% lower clock vs. 50% more cores and 10% higher clock, and Bloomfield is already a bit better than current gen.
Destroy? I think not.