With the timeframe at which the iPad 3 will be released, we already knew it couldn't have a Cortex A15 quad-core processor, which will be released at the end of the year.
The choices were:
Dual-core Cortex A9 (like in the iPad 2)
Quad-core Cortex A9 (like in the PSVita)
Dual-core Cortex A15 (like the newly announced Samsung Exynos 5250, TI OMAP 5)
Given the poorer efficiency of quad-core processors in general and the better efficiency of the A15 architecture over the A9, a dual-core Cortex A15 would have performed better than a quad-core A9 that's clocked slower.
Apple usually cares more about real-world performance than about having impressive spec terms anyway. Those that would like to brag about having a quad-core phone are generally more interested in Android-based phones to begin with.
I think it's safe to assume that the A5X will not be a quad-core. The number of cores was the only "spec" Apple has talked about when they presented the A5. Now that the new A5X SoC doesn't have more cores, it's hard for them to justify an A6 being significantly better than the A5 without getting technical and explaining the architecture difference between a Cortex A9 and A12, which Apple obviously wouldn't do. A5X makes it sound like it's the same old dual-core processor, just faster (like iPhone 4S vs iPhone 4).
Now there are two possibilities:
- The A5X is still just an A5. It uses the same Cortex A9 architecture but it is now clocked higher. That would be weird since the iPhone 4S also uses an A5 with a different (slower) clock speed, yet they didn't rename the SoC just because of this. The "X" would basically just be a marketing term to make people feel like the CPU is new, while it's not really. All they would need is a bigger battery to compensate and good heat management, which shouldn't be a problem.
- The A5X is a new dual-core SoC based on the Cortex A15 architecture. It's about 50% more powerful and efficient than the A5. This would be even better than having a quad-core Cortex A9 (the only possible quad-core SoC right now) and the absolute best we could hope the iPad 3 to have. The iPhone 5 could have a new A5X as well and benefit from more power/efficiency without having a higher clock, which is desirable for a device as small as the iPhone.
tl;dr: Either the iPad 3 will just have a higher-clocked A5 and the "X" is just a marketing gimmick, or it will have a new dual-core Cortex A15 CPU which is actually more powerful and efficient (50% faster at same clock speed). No quad-core and that's a good thing.