Its hard to fully explain but thi picture does a decent job:
http://images.anandtech.com/reviews/cpu/amd/hotchips2010/bulldozermodule.jpg
Each core has its own pipeline, L1 DCache and Int scheduler but they share the Fetch, Decode, FP Scheduler, 2 128bit FMACs and the L2 cache. The L3 cache is shared among all the cores.
This may look like a dual core but its not. A Sandy Bridge core has all of that per core, minus the FMAC units, Intel ahsn't implemented FMAC yet and will not till Haswell but are still using a single 256bit unit per core.
Here is a Phenom II (Deneb core) for comparison:
http://media.bestofmicro.com/AMD-Phenom-II-X4,L-0-174420-13.jpg
As you can see the Core is just a core, has its own everything including L1/L2 cache and then shares L3 and IMC.
The only thing shared by Sandy Bridge CPUs is the L3 cache and IMC but the IMC in BD is also shared as its part of the CPU as a whole.
Without knowing performance, I cannot guess as to what it would take in order to get 8 real cores worth of performance. If each module gives 1.5 cores worth of performance then it would take more than 10 modules to give the same performance as a real 8 core.
Of course its all speculation which is why I will wait till BD hits to see its performance but it will be hard to say if the 8 "module" BD CPU should go up against a 8 core Sandy Bridge CPU.
For BD, AMD has nothing in expectations of clock speed but people have been "theorizing" that because it is AMDs first step into 32nm and HK/MG that it might not be as impressive as SB is.
I can't say but I would at least expect it to be near stock clocks of Phenom II when it hit, but as for overclocking, I don't see it passing SB. Hell some people patched the BIOS for P67 and were hitting 5.5GHz on air on i7 2600Ks. Of course they are using very nice air coolers but still, 61% stable OC on air is insane.