Last night AMD held a presentation of their new Mantle API, which claims to provide amazing load-balancing across many cores and GPUs, among other things. There was a test game presented by Oxide Games wherein a FX8350 downclocked to 2GHz was being bottlenecked by a 290X.
Here are the tweets from someone in attendance:
https://twitter.com/ryanshrout
Key points:
- 8350 downclocked to 2GHz being GPU-bound by a 290X
- 8350 now on par with 4770K
- 100,000 drawcalls
Should Intel be worried?
Here are the tweets from someone in attendance:
https://twitter.com/ryanshrout
Key points:
- 8350 downclocked to 2GHz being GPU-bound by a 290X
- 8350 now on par with 4770K
- 100,000 drawcalls
Should Intel be worried?

You could probably run it @ 500mhz 
When my old board became faulty it limited it to 700MHz, it was completely unusable even on the desktop. Though also bear in mind that 8 cores and 4 cores with HT aren't the same thing. I expect it will mean an i7 can underclock, but not to that degree.