Oh, it's the same alright... my year-old iPod Touch is just as fast (or slow) my the iPhone 3G. And the new iPod Touch is just as slow (or fast) as the old iPhone 2G. Same old, same old.
I think the CPU can be clocked higher via future firmware update if Apple finds the need to. I wonder if it would be possible to allow the software to dynamically clock the CPU to meet the specific needs of that particular application ...