Relative to the base clock. Absolute, as I said, they would end up at about the same clock.
Both CPUs have 47W and some Temp limit. If 20 of the 40 EUs are power gated and the remainder under little or no load the 4 cpu cores would probably end up with about the same absolute clock speeds. Not the 4850 with 500 Mhz less.
Yes they both replace the same CPU and they both will end up delivering almost the same CPU performance unless the 4850's GPU is under heavy load.
OpenCL may benefit a lot from the shared memory and Cache of the CPU. It is also doubtful that they would ever actually pair a 4850 with a dGPU so there would be either or. Also it depends which GPU is active which brings us back to imperfect switching.
Some loads may run faster with more processing of a dedicated GPU some OpenCL stuff would work much better on the more integrated IGP due to memory sharing and cache sharing. It really comes down to the driver with that kind of stuff.
In any case that "feature" is more of a future thing that may become more relevant in the coming years but isn't really now.