The CPU doesn't appear to be a continuation of the PS3 and 360's super CPUs
Nor should it be.
The Xenon and Cell CPUs by comparison to today's technology are archaic.
Also dont' fall for the BS hype that Sony and Microsoft sprouted about the Xbox 360 and PS3's CPU power, both CPUs had significant limitations. While both CPUs excelled at SMID and high flotational point calculations, they were basically shit for anything else.
To put it into perspective Sound and I/O processing combined can easily take up an entire thread on an Xbox 360 CPU if not more. Kind of sad to think a 3.2GH core can have 1 of its 2 threads taken up entirely by sound and I/O processing. A dedicated DSP and I/O controllers of only a few hundred megahertz could do a better job then the Xenon processor at both tasks.
which might be what tripped up devs in the beginning. It could be functionally more powerful in than Xenon/Cell but not in pure clock speed.
Clock speed means very little.
The Xbox 360 and PS3's CPUs needed high clock speeds to perform. They were in order CPUs, limited cache, heavy focus on SMID and high flotational point calculations, as such both Xenon and CELL were very dependant on clock speed for their performance.
These days SMID and high flotational point tasks can be off loaded to the GPU, think CUDA, GPGPU, etc. Modern day CPUs really don't need to match the Xbox 360 or PS3 for SMID or high flotational point calculations, GPUs can do these tasks significantly faster then the Cell and Xenon ever could, and do it at a low cost and consuming less power.
As for the Wii U's CPU, given it appears to be Out of Order, has large L1-L3 cache pools, doesn't have to do Audio, I/O, and O/S tasks like Xenon and Cell do as Nintendo have dedicated chips for these, and doesn't need that raw SMID performance, its clock speed can be a lot lower while still delivering same or better performance.
Also Intel made Pentium 4 CPUs at 3.8ghz with hyper threading. Do you honestly believe a P4 CPU could keep up with even a single core of a equally or lower clocked i7? No it would get smashed at every and any tasks. Again showing just how little clock speed means when architecture and technology evolves. Clock speeds for CPUs have barely changed even in the PC market for years, these days it's all about TDP, performance per watt, efficiency, multi core, SMT, Hyperthreading etc. The days of clock speed races died in the early 2000s.
In fact, based on the rumors I'm not sure if either MS or Sony will use CPUs in their new systems as powerful as Xenon and Cell were when they were released.
They wont have to be, the focus now is on tech like GPGPU, programamble shaders, etc. GPU is far more important then CPU in modern consoles.