A quick comparison seems to put the Falcon in the lead with a 16mhz cpu.
...on a 16 bits bus. Which severely cripples performance.
Overall, in a standard configuration, they were more or less comparable. Falcon was better on some parts, A1200 better on other parts.
Because of the 16 bit databus, the Falcon was much harder to expand, though, something which was not made better by the rather short time it was available in shops and the therefore rather small amount of machines sold.
I find the Atari Mega STe to be a better deal overall compared to the Falcon. Slower, sure, but a more balanced design in its day.