For a single core:
Performance = Instruction Per Cycle * Number of Cycles
Speed (Hz) is half the equation, IPC is the other. They count equally.
If CPU x can do twice the number of work per clock as CPU y, then CPU y needs to be clocked twice as high to offer the same performance. Simple. If the CPU is 20% slower in IPC, it needs to be clocked 20% higher to compensate.
[I now stress IPC varies by workload, and other parts of the system come into play. I'm dumbing things down for the purpose of discussion].
Heres the issue: Due to heat/power draw, you don't see large frequency differences in CPUs any more. As a result, IPC is what separates a "good" CPU from a "bad" CPU.
More cores simply act as a multiplyer to the above equation. When using SMT [be it HTT or CMT or some other implementation], you have some sort of scaling factor [10% for HTT, 80% for CMT, etc].
[I now stress this assumes a 100% full load where all the processing power of the CPU is used, which typically isn't true. If it was, BD would look much better then it currently does].
So to compare an i5 and 4000 series BD, you get something that looks like this:
SB i5:
Performance = (IPC * Clockspeed) * 4
40xx BD:
Performance = ( ((IPC * Clockspeed) * 2) + (((IPC * Clockspeed) * 2) * 80%) ) [2 full cores, 2 CMT cores]
Lets assume both are clocked at 3GHz at stock and have the same exact IPC [which we know is false].
SB i5:
Performance = (1 * 3) * 4 = 12
40xx BD:
Performance = ( (1 * 3) * 2) + (((1 * 3) *2) * .8) )
Performance = ( (6) + (4.8) )
Performance = 10.8
Reducing to 1:
BD = 1
i5 = 1.111....
Thats your performance difference. Even if BD and SB (i5) has the same exact IPC, due to the 20% performance hit of using CMT, you'd still be 10% slower overall. And since we know BD has a lower IPC then SB, that difference tends to be larger.
My point being, you can mathematically solve performance differences in any given benchmark to figure out the difference in IPC for that specific benchmark, since the performance difference for the benchmark and speed of the CPU are known. I'd like to see some review sites start to look into IPC differences on a per-benchmark basis, as it would be interesting...