Yeah, that did come across as a bit harsh... But yeah, I'm not a fan, the actual CPU core is pretty weak and of little use for desktop work.
The Xbox 360's CPU is better,
You do know that it's the same CPU? The 360 has 3 of them, while the PS3 has one plus the SPE's. The book about how the CPU was designed is a very interesting read.
But yeah, it's a high clock speed that doesn't necessarily translate into high speed.
The ARM uses less power and achieves more work per clock, but the atom can be clocked higher. Software compatibility on the atom more than makes up for it's drawbacks, especially on a desktop machine where power the power is less of a concern. Even on battery my atom netbook lasts 10 hours, which is more than enough.