Wrong. There is i5-680 which is 3.6GHz and 3.86GHz with Turbo. There is also i5-670 which is 3.46GHz and 3.73GHz with Turbo. Cache isn't that important when we are talking about raw performance, all i5s win C2Ds anyway.
http://ixbtlabs.com/articles3/cpu/intel-ci5-660-p2.html
http://ixbtlabs.com/articles3/cpu/intel-ci5-660-p3.html
E8600 is faster in some tests which are more cache intensive but generally, i5 wins
It wins in more than a few tests. All the tests that did not stress more than two cores it won. Which is 90 percent of current mainstream computing.
So generally it doesn't win. Is it a more powerfull processor overall. Yes. it is for everyday computing. No. Not right now anyway.
As soon as older non-optimized applications become involved, it turns out that the Core 2 Duo E8000 series remains unconquered. Even the new architecture and Turbo Boost doesn't help, because 4MB of 2.13 GHz cache is not the same as 6MB of 3+ GHz cache. Besides, Hyper-Threading is a disadvantage under these conditions.