Alan, you're mixing up single core Opteron speeds (3GHz) with DC speeds, which would be the comparison point for Dempsey.
As for 5GHz Dempsey, I suggest you put down whatever it is you're smoking. :)
Just to be clear, my claim is: Dempsey will have a TDP of around 150W at 3.8GHz.
Just the other day the specs for reduced power Dempsey were mentioned at the Inq: 105W.
And it wouldn't make sense to bother with a separate class without a significant drop in TDP, a la 95W/68W for DC Opti regular/blade.
You might also look at Smithfield for clues.
Both the 830D (3GHz) and 840D (3.2GHz) are at 130W TDP *without* HT.
That is shooting up from 95W for the 2.8GHz part, so you know where it is on the power distribution curve.
A 3.8GHz Smithfield EE would likely exceed 200W TDP. Intel will be lucky to get the 65nm version below 150W.