Not really, the consumer computer market and the server computer market are two different things entirely.
They've never promoted MHz as a selling factor in the server market. They only used it to make people laugh at the weak offering Apple has had to offer for the last 4 years.
You're certainly not going to walk into best buy and see an 800MHz Itanium PC running next to a 2.4GHz HP or Compaq.
Most lowend Intel servers to day are only running at most 1.3GHz P3s. Sun servers are only around 450-500MHz SPARCs. The difference is that they are 64-bit processors like the Itanium compared to 32-bit P3s and performance wise kill them for what they are made to do, serve.