Paul, the clock speed of Prescott is not what is the main concern, I think the power consumption is the real issue.
I completely disagree.
Speed, and by extension, performance, is much more significant.
Only to the extent that power holds back speed does it really matter in the desktop space. (Yes, for small form-factors, it matters, but I'm speaking of primary significance here.)
Imagine, if you will, two scenarios:
A. Prescott launches at 3.8 GHz, but those parts use 125W Max power, and require special new-fangled coolers.
B. Prescott launches at 3.4 GHz (barely), and only gets to 3.6 GHz in mid-Q3. It has surprisingly low max power of 85W max.
Which would you prefer, as an AMD shareholder? (Hint: not A)
Of course, we may get:
C. Prescott launches at 3.4 GHz (barely). At that speed, true max power is 110W, though Intel calls it "95W TDP".
Doug