For an example, what if a chip used a 10 GHz clock for distribution, and divided it down to 5 GHz everywhere it was actually used (not that I know of any reason to do such a thing besides marketing). Would it be marketable as a 10 GHz chip? The manufacturer would certainly be in hot water if enthusiasts ever found out...
Even without such contrived scenarios, CPUs get different amounts of stuff done per clock.
Something I keep seeing, even on Slashdot and Hacker News, is the idea that a CPU that has to clock higher for a given performance will use more power. It seems to me that if you've got double the clock, the likely explanation is that half the transistors are switching per clock, and power consumption should be orthogonal to clock/IPC ratio.
If anyone's got any contrary ideas on that, I'd love to hear them. All I can think of is that higher clocks would correlate with longer pipelines, but bulldozer's pipeline isn't even that long.