It is so much more than just pure CPU cycle speed. Remember the Pentium 4 vs Athlon/ Athlon 64 days? Pentium 4 usually had a higher CPU speed, so it MUST be faster than an AMD Athlon, right?
In those days, AMD actually marketed their chips as "equivalent to" Intel's clocks, even though they weren't actually clocked at the same number (from what I can remember of my previous processor, it was clocked at 1.5GHz, but it carried the 2000 brand, denoting it was similar as an Intel 2Ghz processor at the time...)
The WebOS dev team has hacked a iPad 2 and found it running 2 times faster then the Touchpad despite the fact that the TouchPad has better hardware.
(if you read this in Farnwells voice, you watch too much futurama)
Mmm, just because its developers won't be putting anything into it doesn't mean it won't be a nice $99 portable web browser for the next couple years if you can't afford a full-priced tablet. Frankly, the majority of my iPad use is just for Safari and Reeder.