The power usage figures suggest otherwise, but power is the sole reason these massive chips run at low clock speeds.
You'll see power usage for these 12 core processors being roughly equivalent to our 6-core Istanbul today.
Istabul is generally the same power consumption as Nehalem today.
Westmere fits into the same platform as Nehalem.
My guess is that intel is going to lean into the thermals for westmere to get as much performance as possible, so while it is 32nm, it will still be in the same TDPs.
So, if you use the rough mathematical formula, you get:
Istanbul = nehalem = westmere = magny cours
Today 2P systems are roughly equivalent:
Opteron 2435 (258 @ 100%):
http://www.spec.org/power_ssj2008/results/res2009q3/power_ssj2008-20090602-00168.html
Xeon X5570 (245 @ 100%):
http://www.spec.org/power_ssj2008/results/res2009q2/power_ssj2008-20090407-00143.html
So if you assume that we both end up in the same power/thermal range, then you end up with the 6 cores of Westmere vs. the 12 cores of Magny Cours.
This of course assumes that Intel pushes the limits to get the highest clock speeds and does not drive to lower clocks and lower power consumption. History has proven that they take this path 100% of the time.
The biggest piece of misinformation that they are spreading is that magny cours will be hot. The reality is that it will generally be the same power/thermals as Istanbul (and actually lower at idle.)
When you combine that power profile with the fact that it will be up to 2X the performance of Istanbul, you start to get a pretty good view of where performance per watt lands.
Low clock speeds? Let's just say that at clock to clock comparisons, MC is a lot faster than Istanbul. And our 8-core and 12-core products will have higher clocks than beckton.