For quite some time we were measuring jumps in computing power by clock frequency. Of course the internal workings of the CPU and the rest of the system's configuration all factored into the bottom line but you could pretty much tell what type of power your machine had by the clockspeed of its CPU.
A major reason for this is that most of the general user "desktop" applications that we use as single threaded and do their work in a nice and usually organized serial manner. Thus, increasing clock speed gave an overall performance boost because the app could simply do those serial steps faster. Even currently multi-threded apps benefitted because the serial events in each thread could go faster.
Now, for a while at least it seems to me that the free "performance boost" ride is over. Because the clock frequency won't be bumped in leaps and bounds anymore hardware makers are going to give software developers speed and the ability to do more things at once. With multiple cores able to simultaneously execute multiple instructions as well as other parallelism facilitating hardware modifications applications are going to be able to get performance boosts by being smarter.
Unfortunately, in modern software engineering, we still for the most part live in a single-threaded world. In the short term, OSes and applications that lend themselves to multiple threads doing serial in a moderately independant way are going to see the biggest increases from the new hardware design paradigm. Future increases in power, for the first time in a while, is going to take cooperation between hardware and software developers. Hardware guys have offloaded a portion of their "performance increasing workload" to guys using their hardware.
Of course, things like increases in cache size and memory bandwith will give us some "free" performance increases in software. Better tools will also improve the final executable's performance on newer hardware (altho it may require recompiling, relinking, and re-distributing to end users).
For the momeny 64-bit CPUs and multi-core systems for end users are not worth the high prices that they are fetching. Personally until I need over 4GB of RAM, I see 64-bit OSes with features I can't get on64-bit, or I see applications that I use everyday outperforming its counterparts on equally clocked current hardware design paradigm machines I'm going to wait it out.,..