Exactly. If you increase the clock frequency you will get more ops/s out of the CPU, everyone can see that easily. The only problem is that the anmount of electrons you have to push through the transistors has a quadratic* dependence on frequency.

However, It's also clear what gravypod is trying to say. The architecture itself has a greater influence on the "processing power" nowadays because the clock has reached physical limits and can't be increased much further without getting expensive (see IBM Power Sytems). Bottomline is that you can't compare CPUs by frequency alone, but it was never any different, the architectures 15 years ago just sucked so hard that all of them were too similar regarding instructions per cycle.

I think we can blame AMD for that line of thinking, they had to push hard against Intel during a time where everyone used clock frequency to compare CPUs.

*edit: Sorry I remembered it wrong, the commonly used power equation is P = C x V^2 x f (capacity, voltage, frequency). Power is linear dependent on the frequency!