Clock speed doesn't really mean much these days. A 2.5Ghz i7 CPU is *significantly* faster than a 2.5Ghz i5, for example. My wife's 2.4Ghz iMac easily out performs my (rather old) 3Ghz Mac Pro at most general purpose tasks (but not video encoding).
Mhz is a measurements of CPU cycles, *not* a measurement of how much is actually done during each of those cycles. You could measure in MIPS (millions of instructions per second), but that depends on the task that the CPU is doing.
The A5X may have other tweaks we dont know about yet - such as memory bandwidth or additional instructions, all of which could make a huge difference to performance, one way or another.