You guys are misplacing computer specs with phone specs. A faster processor doesn't necessarily mean a faster phone. Sure, there are 1GHz CPUs coming out, but one of the largest speed-deciding factors is how well the software is designed to make use of it. Since they're completely new, and Android isn't the most 'experienced' OS then it's doubtful that the operational speed would increase.
Besides - IT'S A FREEGING PHONE. In all seriousness, there's no need for a phone with a spec that would blow away a ten year old top of the range. If you look at what it's actually doing then the resource usage will most likely be less - and in 1999 a top of the range would have been blisteringly fast. No way do you need more than that.
What next - a phone with an Atom in it?