Depends on the software. I could develop a piece of software that will perform perfectly on a 1GHz processor and then I could also develop another piece of software that performs horribly on a 3GHz processor.
All I'm trying to say is that the numbers are not the whole story, and everybody freaking out, left, right, and centre about the 1GB RAM have no idea how it will actually perform. Apple wouldn't release a phone (don't quote me the first gen rMBP) that doesn't perform up to their high standards.
If RAM and processing power was all that mattered, why does the iPhone 5S still compete with some of those Android phones with insane processing speeds and RAM? Please don't quote me the highest benchmarks of each device and say: look this Android phone is better. What matters is SUSTAINED performance, which by and large the iPhone will almost always come out on top.
There are STILL complaints about jitteriness with Android, even with crazy spec'ed phones.
Do you want to know why?
The software is not optimized.