Even at 2GHz the upcoming Bionic and Atrix will lag. What most people do not realize is that the software is more important than the hardware. Android has multitasking but it does not handle it fluidly. As an owner of a Motorola Droid, Droid X, Samsung Fascinate, and HTC Droid Incredible I can tell you that they all force close often.
Take the browser for example. Most Android phones render the page in totality. If you render Engadget it will bring up every article at the same time; this results in an extremely laggy and jittery browsing experience.
The iPhone on the other hand renders whatever is on the screen (that's why if you scroll down or up quickly you will see the checkered loading). Consequently the browser is much "snappier" and pinch and zoom is flawless.
Add to that the fact that the iPhone does not do complete multitasking and lacks the ability to add widgets, therefore it is such a quick phone.
For the Android handsets to run as smooth as the iPhone the hardware needs to be much more powerful. I feel they need at least 2GHz of processing power, and a 2GB ram. Until then you will see Android lag as before. Unfortunately, with the above specs you will need a monster battery. Lithium will not do anymore so we will need to wait for battery manufacturers to create something smaller and more efficient.