The PC I have at the moment has a P4 2.8 Ghz. Now, i'm currently saving for an iMac, 17" with the 2.0Ghz Core 2 Duo. Does this mean TECHNICALLY my PC will be faster than the iMac, or because it's Core 2 Duo does that mean it has 2x2Ghz? (4 Ghz overall) ?
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Hello 
Your old Pentium uses Intel's old NetBurst architecture. It had pretty high clock speeds, using lots of power and generating lots of heat for a disproportionate amount of performance.
The new Intel chips use their Core architecture. A 2GHz Core 2 Duo will be faster than your old Pentium. Intel have basically declared that clock speeds are pretty meaningless now, especially when comparing the performance of their new and old chips.
Your Core 2 Duo isn't 4GHz, however. It's not quite that simple. But yes, you do have the processing power of two 2GHz cores, especially useful when you have more than one application open. Some programs can even use both cores at the same time, speeding them up further.
Keep saving!
Your old Pentium uses Intel's old NetBurst architecture. It had pretty high clock speeds, using lots of power and generating lots of heat for a disproportionate amount of performance.
The new Intel chips use their Core architecture. A 2GHz Core 2 Duo will be faster than your old Pentium. Intel have basically declared that clock speeds are pretty meaningless now, especially when comparing the performance of their new and old chips.
Your Core 2 Duo isn't 4GHz, however. It's not quite that simple. But yes, you do have the processing power of two 2GHz cores, especially useful when you have more than one application open. Some programs can even use both cores at the same time, speeding them up further.
Keep saving!
As the above poster said, high clock speeds are becoming less vital in a fast CPU. AMD are a good example of this aswell.