If it's rated for upto 3.2Ghz STOCK, then I'm sure even the lower binned chips can OC to at least 3.6Ghz on good air (assuming FSB doesn't become a limiting factor). Even if that's equal to ~3.4Ghz A64 in performance, I don't see how AMD's dual core 90nm process can even come close on air.
Don't get you hopes up though, AMD is going 65nm by end of 2006. Assuming some delays, Q1 2007 at the latest.