IIRC p4s have a 31 stage pipe. core has a 14 stage pipe. so the p4 would have to be at least twice as fast or 3.6 ghz, to be better than the core. you are a ghz off this.
Actually, it's not that easy. As fishy_fiz stated, a longer pipeline doesn't perform slower or faster by itself. Its per clock
throughput may be exactly the same as a shorter pipeline, but its
latency will be higher. Since a longer pipeline makes smaller steps it holds the potential for higher clockrates.
OTOH a longer pipeline is bad because when speculative execution misses, it needs to be flushed and reloaded - which will take longer for a longer pipeline until the first command finishes off.