You should not just consider processor speed. You also need to consider ARM type. There are more than a few ARM cores which offer 1Ghz speed but are poor performers due to the CPU ARM type and the GPU associated (Graphics Processor). Take a look at this Wiki for a comparison and what to look for List of ARM microprocessor cores - Wikipedia, the free encyclopedia
Not all processors running Android are ARM. My Cruz has a MIPS processor, and it is only 528 MHz, but dual core. Single core ARM processors running at 800 MHz or 1 GHz seem to be more common. ARM and MIPS are normally completely incompatible architectures, not like Intel and AMD which are compatible with oneanother, but Android OS is set up to be processor independent, so in theory it shouldn't matter. Even then, there are a few Android apps that only run on ARM and not MIPS. I've only seen one that actually said that, but I suspect there are others that use native ARM code and don't tell you so they just don't work on my device and I can't tell why they won't install.
ARM was originally part of (now defunct I believe) Acorn computers and just made the CPUs for their own computers, but is now an independent company. MIPS is a standard (or actually several, probably R4000 is the one used? I dunno, but some Windows Mobile devices use(d) that one), so anyone can make a MIPS CPU, but most of them are Toshiba or Phillips. Cruz don't even say who makes the MIPS CPUs in their tablets, although they do give the type number, so probably it is possible to figure it out.