That's not what I said. I said, lower IPC than Phenom II while clocking higher and Phenom II has a lower IPC than Core 2 AFAIK.
You could also go for a more hybrid approach, like double clocking those parts in a core that make sense. Clock domains within a single core in other words. You could for example run the schedulers and execution units at double the clockspeed of the fetch and decode stage. I'm not saying they will, but it's another approach.
As I just said, we know very little about Bulldozer and there is a very slight chance that AMD may really surprise us. I'm just being cautiously optimistic.
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