I think there's gotta be a balance...it depends on the architecture design.
If we have a core that is 10% slower than Intel's but hits 5.5 Ghz on air then it is easily competitive...not only that but you then see higher Mhz and average user is tricked like in P4/A64 days. I think its more about single thread performance as a whole and not just IPC, even though more IPC looks nice on paper depending on how you look at it.
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