I agree in some sense; I'm more bothered about other things that pure CPU speed.
Why is everyone getting excited about the Mac Mini, then?
Perceived speed is more important than actual speed. To me, Windows "feels" lots faster than MacOS X, no matter how much better OSX may run under the hood. Well, OK, I use Windows 2000. That's about the fastest OS Microsoft ever made. XP still feels faster than OSX, though.
Unfortunately, very few people know how to program in a way that increases perceived speed. I doubt people ever will learn how to do it. Even if the OS vendors do, the application programmers will not.
So what's a "typical" Windows application that taxes the latest CPUs?
Encoders and decoders, for some. Wanna convert a whole ton of music to MP3's? Video editing and photo manipulation is also becomming a killer app for many computers. That needs number crunching. Not everyone is going to run word processors. The software market is evolving, too.
Most of the time the CPU sits around doing nothing, but home computers are still focused around bursts of peak performance.